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U.K. economic growth accelerates in three months to October - NIESR

The NIESR’s monthly estimates of U.K. GDP for the three months to October imply that the output grew 0.5 percent, a bit stronger than the official outturn for the third quarter of 2017, which was 0.4 percent. The monthly estimate is closely tracking the projection for real GDP growth for the final quarter of this year which also stands at 0.5 percent.

“We estimate that economic growth recovered to 0.5 per cent in the three months to October from 0.4 percent in the third quarter”, said Amit Kara, Head of UK Macroeconomic Forecasting at NIESR.

Kara stated that even if the economic growth is expected to be stronger in the second half of 2017 as compared with the first, it is significant to note that activity has decelerated since 2016. The pattern of demand in the U.K. economy is expected to rebalance towards international trade in response to bolstering global growth and subdued sterling and away from domestic demand.

“If, as we expect, the economy continues to expand at this pace and inflation remains elevated, there is a case for the Bank of England to gradually raise the policy rate to stop the economy from overheating. Consistent with that view, our latest forecast for the UK is conditioned on a 25 basis points increase in Bank Rate every six months such that the policy rate reaches 2 per cent in 2021”, added Amit Kara.

At 17:00 GMT the FxWirePro's Hourly Strength Index of British Pound was bullish at 82.9394, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at 12.5088. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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November 24 15:30 UTC Released

USECRI Weekly Index*

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145.6 %

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Previous

145.6 %

November 24 14:45 UTC Released

US1st Half-Mth Infl YY*

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54.6 %

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54.6 %

November 27 09:00 UTC 29552955m

ITExport Prices*

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111 %

November 27 09:00 UTC 29552955m

ITImport Prices*

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116.1 %

November 27 14:00 UTC 32553255m

MXTrade Balance, $*

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-1.886 Bln USD

November 27 14:00 UTC 32553255m

MXTrade Balance SA*

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-1.559 Bln USD

November 27 15:30 UTC 33453345m

USDallas Fed mfg bus index

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27.6

November 27 21:00 UTC 36753675m

KRBOK Manufacturing BSI*

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87 Bln BRL

November 28 00:00 UTC 38553855m

BRCentral Govt Balance

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-22.725 Bln BRL

November 28 07:00 UTC 42754275m

DEGDP Growth QQ* Advance

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10.7 %

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