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.
10 July 2012
ONS Say UK Headed For Worst Trade Deficit In Four Years
The Office for National Statistics has said that the UK is heading for its biggest trade deficit since the worst of the financial crisis in 2008, despite official figures showing the situation improved in May. Several economists have also discounted a rise in manufacturing production in the same month, arguing that the trend remained downwards.
ONS Say UK Headed For Worst Trade Deficit In Four Years
The Office for National Statistics has said that the UK is heading for its biggest trade deficit since the worst of the financial crisis in 2008, despite official figures showing the situation improved in May. Several economists have also discounted a rise in manufacturing production in the same month, arguing that the trend remained downwards.
09 September 2005
UK trade deficit unexpectedly widens
The UK’s deficit on trade in goods and services is provisionally estimated to have widened in July to £3.4 billion from a deficit of £2.2 billion in June according to a report produced by the Office of National Statistics. The surplus on trade and service was £1.6 billion in July, which was £0.3 billion less compared to June.
UK trade deficit unexpectedly widens
The UK’s deficit on trade in goods and services is provisionally estimated to have widened in July to £3.4 billion from a deficit of £2.2 billion in June according to a report produced by the Office of National Statistics. The surplus on trade and service was £1.6 billion in July, which was £0.3 billion less compared to June.
09 December 2004
UK trade deficit gap widens by 0.9bn
The UK’s deficit on trade in goods and services is estimated to have widened by around 0.9 billion in October up from a deficit of £2.9 billion in September to £3.8 billion in October.
UK trade deficit gap widens by 0.9bn
The UK’s deficit on trade in goods and services is estimated to have widened by around 0.9 billion in October up from a deficit of £2.9 billion in September to £3.8 billion in October.
02 February 2010
Osborne's 'Solid' Economy Plans
Government plans to halve the budget deficit within four year are not "credible", Tory Shadow Chancellor George Osborne said today. Mr Osborne said a Conservative government would rebuild the UK economy on "more solid" foundations. Savings, exports and greater enterprise should form the basis of an economic recovery, he told senior backbench MPs.
Osborne's 'Solid' Economy Plans
Government plans to halve the budget deficit within four year are not "credible", Tory Shadow Chancellor George Osborne said today. Mr Osborne said a Conservative government would rebuild the UK economy on "more solid" foundations. Savings, exports and greater enterprise should form the basis of an economic recovery, he told senior backbench MPs.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
