UK: GDP rebound crushes current recession fear
- UK GDP growth exceeded expectations in July by 0.2pp at 0.35% m-o-m. The rest of Q3 is likely to be broadly flat but deliver growth of 0.4% q-o-q, in my view.- Soft surveys sensationalised recession warnings after GDP already contracted in Q2. The fall was mostly narrowly concentrated within the Apr-19 industrial data while services growth keeps officially crushing the sentiment-biased surveys.
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