(Based on June 2015 data releases)
- Q1 UK GDP growth revised up – driven by less pessimistic construction output figures
- Latest economic data suggests a pick up in UK economic growth in Q2
- Eurozone economy showing signs of improvement, but Greece is on the brink
The UK economy green by 0.4% in Q1 2015, revised up from the previous estimate of 0.3%. The upward revisions were driven by the better performance from the construction sector.
Real earnings are still growing in the 3 months to April2015, the number of people in work rose by 114,000 compared to the previous 3 months. Total pay rose by 2.7% in annual terms for the same period – the fastest rate of growth since 2011.
The Eurozone is improving but Greece remains on the brink. With the possibility of Greece becoming the first country to exist the Eurozone becoming more likely, the decline on its economy has been dramatic.
Overall the economic data provides further evidence that the UK economy will grow. However risks remain, although the risk of contagion to the UK from the Greece debt crisis remains relatively low.
Full details can be found in the attached report.
