UK: Economy continues to grow below its long run trend of 0.6% - NIESR

Latest estimates of GDP released by NIESR shows that output grew by 0.3 per cent in the three months ending in June 2017 after growth of 0.3 per cent in the three months ending in May 2017.

Key highlights:

• The economy continues to grow below its long-run trend of 0.6 percent
• Growth in services has offset a contraction in industrial output, yet remains subdued when compared with last year
• The saving ratio reached a historic low of 1.7 per cent in the first quarter of this year, implying that, so far, households have reduced their saving to cushion the effect of falling real incomes on consumption as inflation rises