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10 August

By Ahmed Mamdouh

Category: Forex News

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UK growth doubles in the second quarter

Britain economy doubled its growth pace in the second quarter providing clear signs of recovery after the bad wintery weather in the first quarter.

U.K. expanded 0.4 percent in the three months through June from an upwardly revised of 0.2 percent in the first quarter, the preliminary GDP figures released on Friday showed. That came in line with forecasts.

The year-on-year GDP reading reported a growth of 1.3 percent, accelerating from a previous of 1.2 percent.

Construction and services sectors grew 0.9 percent and 0.5 percent respectively over the quarter, while the industrial sector shrank by 0.8 percent.

Total UK trade deficit widened by £4.7 billion to £8.6 billion in the three months ended June.

As of 08:44 GMT, the pound recovered slightly from a 13-month low of $1.2734 to trade at $1.2753, set for its fifth straight weekly decline.

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.