Rising services activity offsets manufacturing weakness
26 July 2017
Commenting on today’s UK GDP figures, Ian Kernohan, Economist at Royal London Asset Management, said:
“UK GDP grew at 0.3% quarter on quarter during the second quarter of the year. Rising activity in the services sector offset weakness in manufacturing and construction.
“These early estimates of GDP growth are of course subject to future revision, but will form an important part of the discussion at the next MPC meeting in August. We expect the Bank to keep policy unchanged until we have greater clarity on what is happening to underlying inflationary pressures in the labour market.”
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Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages £104.5 billion of assets and employs 86 investment professionals. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.