UK posts faster-than-thought growthFebruary 22, 2017 - 17:12 AMT PanARMENIAN.Net - The UK economy grew by more than previously reported in the final three months of 2016, according to the latest official estimate, BBC News reports. Gross Domestic Product (GDP) increased by 0.7%, up from 0.6%, according to the Office for National Statistics (ONS). The upward revision is mainly due to manufacturing industry having done better than thought. The ONS cut its estimate for growth in 2016 as a whole to 1.8%, down from the 2% it forecast last month. It also said there had been a slowdown in business investment, which fell by 1.0%, compared with the three months to the end of September. It attributes that to "subdued growth" in investment in information and communications technology equipment, as well as "other machinery and equipment". "UK GDP may have gained some momentum into the end of 2016 but recent news from UK seems to have shown that that momentum has been lost in the early weeks of 2017," said Jeremy Cook, chief economist at the international payments company, World First. "Services growth is set to slow, buffeted by rising inflation and slowing real wage gains and a consumer that is not waving but drowning. "Business investment remains poor, given uncertainty over the negotiations between the UK and the EU following the Brexit vote last summer and while trade was stronger on the quarter, this is purely a function of the devaluation of the pound," he added. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |