UK economic growth expands 0.6% in Q2
On a yearly basis, the UK’s economy grew 2.2% in the second quarter in line with analysts’ estimates. The country’s economic growth posted an annualized increase of 2.0% in Q1.
The growth in the economy was driven by the services sector and the manufacturing sector which grew 0.5% and 1.8%, respectively.
Meanwhile, the country’s business investment unexpectedly grew 0.5% on a seasonally adjusted basis in the second quarter in contrast to estimates that it would fall 0.8% following a 0.6% drop in the first quarter. On a yearly basis, it fell 0.8% in Q2 from estimates it would decline 1.4% after a 0.6% decrease in Q1. The increase in business investment was attributed to spending on transportation vehicles by companies. On the other hand, investment in Q2 could not achieve the same level as last year.
The British economy may be affected by the Brexit-vote over the long term due to ongoing uncertainty about the outlook and this situation will affect employment and business investment, according to chief UK economist of IHS Markit Howard Archer.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PLAST EURASIA 2022: Eyes on Russian and US supplies with demand woes in focus
- December PE offers to SE Asia imply further drops, yet to respond to China
- Has the bear market for Asian PVC almost run its course?
- Demand outlook for crude oil dims amid China worries
- Asian styrene prices rebound from almost two-year lows
- Turkey’s PE market on brink of new drops for December
- Signs of optimism in China PP and PE markets, but caution remains
- Egypt’s import PP, PE markets flat but domestic prices turn upwards in Nov
- PVC downturn enters 7th month, prices still far from pre-pandemic levels in Europe
- Aggressive US PE offers make a scene across global markets in Q4 after a hiatus of 2 years