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GBP: UK economy losing steam in 2015 – RBS

FXStreet (Delhi) - Ross Walker, Senior UK Economist at RBS, suggests that the UK economy is losing momentum in H1 2015 after the ONS reported that UK GDP increased by 0.7% q/q in Q2 2015 (on the ‘expenditure’ based estimate), in line with RBS and City forecasts.

Key Quotes

“The y/y rate was revised down to 2.4% from 2.6% (below forecasts at 2.6%). Growth in 2014 as a whole was trimmed to 2.9% from 3.0%, though previous years’ outturns were revised up, notably in 2012 (1.2% from 0.7%) and in 2013 (2.2% from 1.7%).”

“We would characterise the overall picture as one of previously stronger expansion (notably in 2012 and 2013) alongside clearer evidence of some loss of momentum in H1 2015 – from a monetary policy perspective, the latter is probably more significant than the former.”

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