Exports G&S in United Kingdom
United Kingdom - Exports Goods and Services
The economy contracts sharply in April amid plunging car production
According to monthly GDP data released by the Office for National Statistics (ONS), economic activity fell 0.4% in April over the prior month in seasonally-adjusted terms, down from March’s 0.1% contraction. In the February-April period, growth clocked 0.3%, down from the 0.5% expansion in January-March. Figures for both April and February-April were weaker than markets expected.
April’s poor showing was driven by an ebbing impact from stockpiling and lower car production, as several car manufacturers temporarily closed their plants in anticipation of the UK’s exit from the EU at end-March. However, car production should rebound in May, supporting the economy.
Looking beyond the current Brexit-driven volatility of the monthly data, James Smith, an economist at ING, commented: “The wider growth story continues to look fairly bleak. While consumer spending may be a little stronger given the modest improvement in real wage growth, investment is likely to continue falling over the summer as Brexit uncertainty weighs on decision-making.”
The economy is set to perform poorly in Q2 as the stockpiling effect unwinds. In the second half of the year, growth will likely be mild amid elevated political risk, stemming from the possibility of a no-deal Brexit or a general election. The Central Bank expects the economy to expand 1.5% in 2019 and 1.6% in 2020. FocusEconomics panelists see GDP expanding 1.3% in 2019 and 1.4% in 2020.
United Kingdom - Exports G&S Data
|Exports (G&S, annual variation in %)||0.8||2.7||5.0||2.3||5.7|
5 years of economic forecasts for more than 30 economic indicators.
United Kingdom Facts
|Bond Yield||0.84||-3.04 %||Jun 13|
|Exchange Rate||1.27||-0.35 %||Jun 13|
|Stock Market||7,369||-0.26 %||Jun 13|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
June 11, 2019
In the February-April period, the unemployment rate remained at a multi-decade low of 3.8%, while the employment rate was the joint-highest on record.
June 10, 2019
Industrial production fell 2.7% in April over the prior month according to the Office for National Statistics, contrasting March’s 0.7% increase.
June 10, 2019
According to monthly GDP data released by the Office for National Statistics (ONS), economic activity fell 0.4% in April over the prior month in seasonally-adjusted terms, down from March’s 0.1% contraction.
June 5, 2019
The IHS Markit/CIPS UK services Purchasing Managers’ Index (PMI) rose to 51.0 in May from 50.4 in April.
May 31, 2019
The GfK consumer confidence indicator registered minus 10 points in May, up from April’s minus 13.