Britain’s trade deficit shrinks more than previously expected in June
Reuters.com – 09/08/13
Hopes have been raised for a broader economic recovery in the UK as the deficit in Britain’s trade in goods narrowed more than was forecasted in June, reaching its lowest level in nearly a year as exports picked up. In a report released today by the Office for National Statistics, output for the construction sector was recorded to be higher in the second quarter than in the first of this year. However, the slight increase had little impact of the estimates for economic growth in the same period.
Britain’s goods trade deficit shrank to 8.082 billion pounds from 8668 billion, the deficit with non-EU countries reduced to 2.646 billion pounds in June from 4.019 billion in May, while the overall trade deficit narrowed to 1.548 billion pounds – this figure being the lowest since January. In the months of April, May and June volumes of exports were up 5.9%, almost twice as fast as the growth of imports. Read More