UK economy shows unexpected resilience in July, recession frets weaken

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UK economy shows unexpected resilience in July, recession frets weaken

On Monday, the 9th of September 2019, Britain’s Office of National Statistics had released a basket of upbeat economic data which had beaten analysts’ estimate by a fair margin, offsetting feathering frets of a recession risk which were lurking over the horizon as Brexit chaos escalates.

On top of that, according to Monday’s (September 9th) ONS (Office for National Statistics) data, United Kingdom’s economic output was 0.3 per cent higher in July on an adjusted basis from a month earlier, remarking the economy’s biggest gain since January, while an analysts’ poll was expecting a rise of 0.1 per cent.

Followed by the reveal of Monday’s (September 9th) economic data, Great Britain Pound was inched higher to $1.2360 during late European trading hours after spiking to a session high of $1.2385 against its American counterpart, while pointing towards growing hopes to avert a technical recession in a near-term outlook, a chief market analyst at an online broker XTB, David Cheetham said, “While the figures are far from stellar, after a contraction in the second quarter the chances that we see a negative GDP print in the third have now dropped significantly, meaning that a technical recession will likely be avoided.

” United Kingdom’s economy, the world’s fifth-largest by purchasing power parity and fourth-largest by nominal GDP, contracted sharply on second quarter and succumbed into a technical recession after former UK PM Theresa May had failed to deliver an amended Brexit by March 31st.