Deficit Forces Sterling to Year Low Current Account Tempers Upbeat Growth Revision for Uk Economy
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Summary
THE UK economy grew by 0.5per cent in the third quarter - more strongly than the 0.4per cent expansion estimated previously and not too far behind trend - revised figures from National Statistics showed yesterday.
However, the UK's current account deficit with the rest of the world leapt from [pounds]5.82bn in the second quarter to a fiveand- a-half-year high of [pounds]8.77bn in the third - driving sterling to a near-year-low against the euro. The single currency hit an intra-day high of 70.39p.See the full content of this document
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Deficit Forces Sterling to Year Low Current Account Tempers Upbeat Growth Revision for Uk Economy
The deterioration of the current account reflected a lesser surplus on services trade, a bigger deficit on goods, and a much- reduced surplus on investment income.
Yesterday's third-quarter gross domestic product growth figure was stro...See the full content of this document
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