According to official data released on Wednesday, British economic output, driven by the retail sector and the filming industry, inched higher as expected in April while manufacturing and construction contracted. The Office for National Statistics disclosed that the economy expanded by 0.2 percent MoM in April, in line with the consensus of economists polled by Reuters. Despite the figures, financial markets showed little immediate reaction compared to recent labor market and inflation data that could result in higher interest rates from the Bank of England. The service output was up by 0.3 percent MoM with the growth driven by the retail, information and communication, and filming industry. Nonetheless, manufacturing output declined by 0.3 percent and the construction sector contracted unexpectedly by 0.6 percent, the data revealed. Finance minister Jeremy Hunt responded to the figures, “High growth needs low inflation, so we must stick relentlessly to our plan to halve the rate this year to protect family budgets.”
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
