The British economy released several reports this morning which appear to have underlined recent concerns of a flattening-out in market activity in the second quarter of 2011. Final GDP for the UK came in right at the expected level of 0.5% growth, dismal by any standard.
Additionally, the economy's Current Account , a measure of the difference between imports and exports, revealed a widening trade deficit, well beyond market forecasts. Economists had anticipated a steadying of the deficit near 5 billion UK pounds, but the actual figure showed an expansion of the deficit to 9.4 billion pounds.
A revised reading on business investment, however, did give minor cause for optimism, showing that business activity did not contract as much as previously assumed. The data was still bearish in overall investment activity, but the declining speed of contraction is a ray of light on an otherwise gloomy day for Britain.
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