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UK economy looks stable on the background of the global economic slowdown, but recovers with unstable paces. UK economy still continues to grow, its GDP rose by 0.5% in Q3 against the previous quarter. However, well-being of economy depends on services sector.
Given data showed that GDP grew more stable than expected. The UK economy is quite stable since 2013 and recovers with faster paces than the other G7 economies. It gives the UK regulator more confidence along with the global slowdown.
Current available data show that balance between different economic spheres remains unchanged. Services industry showed growth of activity, construction and production fell. It’s interesting that only services industry showed growth above its 2008 peak. Output of the Services industry is by 11.1% above its pre-downturn peak and became the main source of influence on GDP. Manufacturing is by 6.3% below its yardstick. Construction is by 4.4% below its historical peak.
In its turn the UK economy needed a reorientation to dispose of a strong dependence on services industry, but it was not performed.
Further GDP growth will correlate to internal demand, which depends on consumer activity. Favourable economic condition depends now on low rates, stable labour market, and growth of wages. None the less, it’s still unlikely to achieve a well-balanced and stable growth.