UK: GDP slowdown exaggerated by BoE
- UK GDP growth rebounded by 0.3% q-o-q in 3Q19. That was slightly softer than expected, mainly owing to a revision and unfavourable rounding. Services output remains much healthier than the uncertainty-biased surveys suggest.- The BoE is concerned about the 2019 slowdown, but the average monthly rate is only a few basis points down on 2018. It exaggerates the downturn in its estimates by assuming the tendency for upward revisions only applies to previous years.
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