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- UK: No recession yet – RBS
UK: No recession yet – RBS
Analysts at the Royal Bank of Scotland (RBS) think there is no recession for the U.K .economy as after contracting by 0.2% in the second quarter, the economy regained enough composure to eke out 0.3% growth in three months to September.
- “There’s not much to celebrate though. Momentum is slowing: GDP growth is the most sluggish since the aftermath of the financial crisis in 2010 (just 1% y/y).
- The manufacturing industry failed to stage any recovery at all, with output flat. Thank goodness for the services sector, especially bright spots like film and TV production, which expanded 22% over the past 12 months and has doubled in size in just five years.”
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