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10 July

By Ahmed Mamdouh

Category: Forex News

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Britain’s economy grows 0.3% in May

The British economy grew 0.3 percent in the month of May, the first monthly GDP reading released on Tuesday showed.

The U.K. economy expansion widened from 0.2 percent in April and 0.0 percent in March, where the March-May quarter recorded a 0.2 percent growth, the ONS said.

Another report from the U.K. showed that manufacturing production soared 0.4 percent in May after a 1.4 percent drop in April.

Industrial production for the same month signaled a 0.4 percent fall, following a revised 1.0 percent plummet.

Construction output edged up 2.9 percent from a revised flat reading in April, surpassing forecasts of 0.4 percent increase.

Goods trade deficit narrowed to 12.4 billion pounds ion May from 14.0 billion pounds shortfall a month earlier. Analysts had called for a deficit of 11.9 billion pounds.

As of 08:40 GMT, the pound snapped most of its earlier gains as it slipped from a high of $1.3301 to trade at $1.3265.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.