UK economic growth gathers speed, outpaces euro zone

LONDON: Britain’s economy picked up speed to outpace the euro zone in the second quarter despite mounting concerns over Brexit, official data showed on Friday, helped partly by sunny weather and the World Cup football tournament.

Gross Domestic Product — the value of all goods and services produced in an economy — grew 0.4 per cent in the three months to the end of June, the Office for National Statistics (ONS) said in a statement. That was in line with market expectations,

Britain, which is scheduled to leave the European Union next March, saw its economic activity outpace the euro zone which grew 0.3 per cent in the same period.

Retail sales and construction in Britain were boosted by warm weather.

The economy meanwhile appeared to shrug off a string of company collapses on the high street, including budget chain Poundworld and electrical retailer Maplin.

World Cup revellers sent the cash tills ringing as manager Gareth Southgate’s England team progressed to the semifinals at the tournament held in Russia.

“The pick-up in quarter two reflects, to some extent, consumers taking advantage of the warm weather and World Cup celebrations,” the ONS said on Friday.

However, it also sounded a cautious note amid ongoing Brexit uncertainty — and stuttering trade talks between London and Brussels.

The Japanese economy staged an ideal rebound, partly backed by robust corporate activities HIDEO KUMANO Dai-ichi Life Research Institute