UK economy shows unexpected strength in July, dampening recession fears

Glimmers of hope for German and UK economies. Read more:

LONDON - Britain’s economy picked up more than expected in July, data showed on Monday, dampening fears that it will succumb to its first recession since the financial crisis as the Brexit crisis escalates.

“While the figures are far from stellar, after a contraction in the second quarter the chances that we see a negative GDP print in the third have now dropped significantly, meaning that a technical recession will likely be avoided,” said David Cheetham, chief market analyst at online broker XTB. The ONS said gross domestic product in the three months to July was flat compared with the previous three-month period. A Reuters poll of economists had pointed to a 0.1% contraction.Last month, the Bank of England forecast that economic output would grow 0.3% in the third quarter, although its forecast for zero growth in the second quarter proved to be too optimistic.

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