A compelling case for pragmatism
When Chinese President Xi Jinping landed in Macau, the world’s gambling capital, the air was thick with anticipation. Macau,often dubbed the “Las Vegas of the East,” is much more than a beacon of wealth and opulence.
The monthly real gross domestic product (GDP) of the United Kingdom (UK) is estimated to have remained stagnant in July, according to official data on Wednesday.
The UK economy has flatlined for the second consecutive month, according to the Office for National Statistics (ONS).
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Services output grew by 0.1 per cent in July, while production output fell by 0.8 per cent and construction output decreased by 0.4 per cent.
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“July’s monthly services growth was led by computer programmers and health, which recovered from strike action in June. These gains were partially offset by falls for advertising companies, architects and engineers,” said Liz McKeown, ONS’s director of economic statistics, Xinhua news agency reported.
McKeown added that the manufacturing sector declined, with car and machinery firms experiencing a particularly poor month.
In the three months to July, real GDP grew by 0.5 per cent compared to the previous three months ending in April, driven by a 0.6 percent growth in services output, according to the ONS.
“The figures suggest the UK’s recovery remains on track, though sector performance remains mixed and growth over the second half of the year will probably be a bit slower than in recent quarters,” said Ben Jones, lead economist of the Confederation of British Industry (CBI).
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