TOP NEWS: UK GDP shows no growth in June; trade deficit widens

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The UK economy showed no growth in June while industrial output edged down, data published by the Office for National Statistics showed on Thursday.

UK gross domestic product did not change in June from May, compared to unrevised growth of 0.4% in May from April. GDP was however 0.7% higher in June than a year ago.

In the second quarter as a whole, UK GDP growth slowed to 0.6% on-quarter from an increase of 0.7% in the first quarter.

Year-on-year, second quarter UK GDP growth was 0.9%.

In a separate release, the ONS said the UK’s trade deficit for goods and services stood at £13.3 billion in the second quarter, widened by £7.1 billion from the first quarter as imports grew faster than exports.

Exports increased by 2.1% to £214.7 billion, while imports increased by 5.4% to £228.0 billion.

Imports of goods from the EU rose 3.6% quarter-on-quarter, while exports to the EU edged up 1.1%, amid an increase in chemicals exports and material manufactures exports.

Finally, the ONS on Thursday said UK industrial production declined by 0.8% monthly in June, swung from a rise of 0.3% in May.

In the second quarter, industrial output edged down 0.1% compared to the first quarter.

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