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Macroeconomic outlook report: UK

Second quarter of 2019

In the second quarter of 2019, UK GDP slowed by 0.76 percentage points year-on-year to 1.31%. As for the labor market, the unemployment rate remained constant with respect to 1Q19, registering 3.83%, while the year-on-year growth rate of employment accelerated to 1.31%. The pound sterling depreciated slightly against the dollar and stood at an average exchange rate of 1.29 $/£. Finally, inflation was 2.03%, 0.17 percentage points higher than in the previous quarter.

Macroeconomic overview

  • During the second quarter of 2019, British GDP slowed by 0.76 percentage points year-on-year in comparison with the previous quarter, to 1.31%, after a decrease in household consumption and a deceleration in total exports.
  • In the labour market, the unemployment rate was 3.83%, the same as in the first quarter of 2019. The year-on-year growth rate of employment accelerated by 0.22 percentage points to 1.31%.
  • The pound sterling depreciated slightly against the US dollar by $0.01 per pound and stood at an average exchange rate of 1.29 $/£ during the second quarter of the year.
  • Inflation stood at 2.03% in the second quarter of 2019, 0.17 p.p. above the rate recorded in the previous quarter, and also above the Bank of England's 2% target.

For more information, click here to access the executive document in pdf.

© GMS Management Solutions, S.L., 2019. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.