Economic growth slows in US and UK in Q1
This slowdown was thought to be driven by consumer spending which lost momentum to 0.3% in Q1 from a rise of 3.5% in Q4. This was caused by the decreases in motor vehicle sales, utilities spending as well as private inventory investment, and state and local government spending. However, the slowdown was limited by an increase in exports, and residential and non-residential fixed investment.
Similarly, the UK’s GDP increased at the slowest pace in a year in Q1 by 0.3% when compared to the previous quarter, the data from the Office for National Statistics (ONS) showed. The growth rate in Q1 was slower than that of 0.7% in Q4 of 2016 and the expectations which called for an increase of 0.4%. The economy also grew by 2.1% on a yearly basis from 1.9% in the previous quarter.
The data showed that the slowdown in the country’s economy was driven by an increase of only 0.3% in the services sector from 0.8% in the previous quarter, a slowdown in total production at 0.3% from 0.4% from Q4 of 2016 as well as a decrease in construction output, which increased slightly by 0.2% in Q1 after a rise of 1% in the previous quarter.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PP uptrend falters in Indonesia amid downstream resistance
- Will European PE market sustain uptrend following higher ethylene?
- COVID-19 resurgence weighs on polymer sentiment in Vietnam
- Stats: Turkey’s H1 polymer imports defy pandemic, hit all-time high
- Stats: China’s total PP, PE imports set a new record in H1 2020
- Lackluster demand outweighs tightness in Asian ABS markets
- Will costs drum up support for a 3rd-month-firming in Europe PET market?
- Import PE markets give softening signals in China, SE Asia
- PVC supplies tight, demand robust across Europe
- China’s local PP, PE markets snap nine-week rally