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October 2015

UK GDP has fallen back to 0.5%

Published: Tuesday 27 October 2015

This morning we saw that UK GDP has fallen back to 0.5% in the three months to September. Britain’s service sector was the fastest growing part of the UK economy, while the building sector suffered a sharp, and worrying contraction, decreasing by 2.2% in the third quarter. The Office for National Statistics says UK GDP is now 6.4% higher than before the 2008 financial crisis kicked in but sterling has remained subdued since the release. According to the latest polls, the Bank of England will not hike interest rate before Q2 of 2016.
 
All eyes are now on the US Federal Reserve and hints from their FOMC on timings of an interest rate rise, while those with a more antipodean focus will be looking to see if the RBNZ decided to cut rates or talk about further monetary easing to try and make their exports cheaper.