The UK economy recorded growth of 0.3% in July though recession risk remains
If negative growth was to be recorded in the third quarter of the year, the economy would be in a recessionThe UK economy recorded growth of 0.3% in July, boosting hopes that a pre-Brexit recession can be avoided.
According to the Office for National Statistics , UK output bounced back from zero growth the previous month thanks to a partial recovery in the dominant services sector. However, the number-crunchers warned of a weaker underlying picture for services, which account for 80% of the economy, across the remainder of 2019.July's figures are the first in a crucial third quarter as politicians in Westminster continue their bitter squabble over Brexit, with the outcome still far from certain.
A flat or positive performance for growth during the three months to September would mean the economy averts its first recession since the financial crisis.The UK was placed on recession footing when data showed a 0.2% contraction for the economy between April and June. That downturn was blamed on cautious shoppers and businesses in the run-up to the Brexit deadline of 31 October, and the unwinding of stockpiling ahead of the original date of 29 March.
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