Menu
09/09/2003
UK trade gap narrows to £3.3bn
The UK economy has received a fillip today with the latest figures on global trade revealing that the trade deficit narrowed significantly in July.
Economists forecast growth in the economy as a much hoped for rebound in the US economy and a recovery in the Eurozone countries is likely to fuel demand for UK goods and services.
The figures from the Office of National Statistics revealed that the UK trade deficit had dropped from £4.5 million in June to £3.3 billion in July. The July figure was a significant improvement on some analysts' forecasts that had predicted a deficit of around £4 billion.
Earlier this week the ONS published figures indicating that the manufacturing sector performance had been better than expected and the National Institute of Economic and Social Research indicated that domestic industrial growth stood at around 0.8% - at its strongest in almost a year.
However, world exports remain 6% lower in the quarter and the ONS report indicated that the overall trend in exports is static.
The trade deficit with the European Union, which amounts to over half the UK produced goods, decreased to £1.5 billion, down from £1.8 billion.
Cautioning that it was too early to predict that the worst was over, many economists believe that the signs are nonetheless beginning to look more encouraging for the UK economy.
(SP)
Economists forecast growth in the economy as a much hoped for rebound in the US economy and a recovery in the Eurozone countries is likely to fuel demand for UK goods and services.
The figures from the Office of National Statistics revealed that the UK trade deficit had dropped from £4.5 million in June to £3.3 billion in July. The July figure was a significant improvement on some analysts' forecasts that had predicted a deficit of around £4 billion.
Earlier this week the ONS published figures indicating that the manufacturing sector performance had been better than expected and the National Institute of Economic and Social Research indicated that domestic industrial growth stood at around 0.8% - at its strongest in almost a year.
However, world exports remain 6% lower in the quarter and the ONS report indicated that the overall trend in exports is static.
The trade deficit with the European Union, which amounts to over half the UK produced goods, decreased to £1.5 billion, down from £1.8 billion.
Cautioning that it was too early to predict that the worst was over, many economists believe that the signs are nonetheless beginning to look more encouraging for the UK economy.
(SP)
Related UK National News Stories
Click here for the latest headlines.
27 March 2013
UK Economy Continues To Shrink
The economy continues to shrink, with UK GDP having decreased by 0.3% in the final quarter of 2012, according to a new report published by the Office for National Statistics (ONS). The report says the main contributors to the decrease were gross fixed capital formation, which fell by 0.
UK Economy Continues To Shrink
The economy continues to shrink, with UK GDP having decreased by 0.3% in the final quarter of 2012, according to a new report published by the Office for National Statistics (ONS). The report says the main contributors to the decrease were gross fixed capital formation, which fell by 0.
17 February 2011
Green Economy Council Rise To The Low Carbon Challenge
The Green Economy Council has held its first meeting to discuss how government and industry can work together to support the transition to a green, low carbon economy and minimise the costs for business while maximising the opportunities.
Green Economy Council Rise To The Low Carbon Challenge
The Green Economy Council has held its first meeting to discuss how government and industry can work together to support the transition to a green, low carbon economy and minimise the costs for business while maximising the opportunities.
05 September 2008
PM Rules Out Fuel Payments
The Prime Minister's decision to rule out cash handouts to households struggling with rising fuel bills has been strongly criticised by trade unionists. Gordon Brown was expected to announce that each household would receive up to £100 to help with energy costs after speaking with power companies.
PM Rules Out Fuel Payments
The Prime Minister's decision to rule out cash handouts to households struggling with rising fuel bills has been strongly criticised by trade unionists. Gordon Brown was expected to announce that each household would receive up to £100 to help with energy costs after speaking with power companies.
10 September 2003
Fair trade tops agenda in Cancun
At the first day of the World Trade Organisation talks in Cancun, staunch economic rivals Europe and America will be aligned against many of the world’s poorer nations.
Fair trade tops agenda in Cancun
At the first day of the World Trade Organisation talks in Cancun, staunch economic rivals Europe and America will be aligned against many of the world’s poorer nations.
26 April 2005
Archbishop criticises ‘scandal’ of global economy
The Archbishop of Canterbury has criticised the current global economy, calling it a scandal. In a speech at St Paul’s Cathedral to mark the 60th anniversary of the Christian Aid charity, Dr Rowan Williams said that the global economy “leaves children dying and over a billion in extreme need”.
Archbishop criticises ‘scandal’ of global economy
The Archbishop of Canterbury has criticised the current global economy, calling it a scandal. In a speech at St Paul’s Cathedral to mark the 60th anniversary of the Christian Aid charity, Dr Rowan Williams said that the global economy “leaves children dying and over a billion in extreme need”.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
