UK economic growth has been revised downwards just before Christmas as the latest figures show the economy grew less strongly than previously thought for much of the year.
The economy grew by 0.4% in the 3rd quarter of the year, down from its previous estimate of 0.5%. All of that has been blamed on weaker growth in the huge service sector that accounts for about three quarters of the entire economy, but it's particularily financial services that have suffered.
Chief Economist Simon French stated "If you look at the other parts of the economy, the construction sector has contracted in Q3, the manufacturing sector really struggling with the strong Pound against the Euro and US Dollar, and elsewhere there really isn't the growth coming through the UK economy. There is still an unbalanced recovery and therefore if the service sector starts to slow there really isn't any growth out there."
Are they still talking about raising interest rates??
Most Popular Travel Money Currencies:
- US Dollars
- Australia Dollars
- Swedish Krona
- Egyptian Pound
- South Africa Rand
- Swiss Francs
- Thai Baht
UK Borrowing Rises – Euro Strengthens