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UK annual growth slows from record high in Q3 2021, trade deficit widens: Economic Conclusion

The UK’s annual GDP growth reached 6.6% for the third quarter of this year, down from a record 23.6% in the previous quarter, according to the country’s official statistics agency.

On a monthly basis, the UK economy grew 0.6% in September, with estimates for previous months being revised downward.

The Office for National Statistics said GDP in July fell 0.2%, a larger drop than a previously estimated drop of 0.1%, while output in August rose only 0, 2%, which is lower than the 0.4% initially announced.

The data painted a picture of a sluggish economy after the lockdown due to global supply chain issues, some worker shortages after Brexit and corporate cautiousness.

Meanwhile, the country’s trade deficit hit 2.8 billion pounds ($ 3.75 billion) in September, from 1.9 billion pounds the month before, the country’s Office for National Statistics said. This is the largest monthly trade deficit since January.

Imports rose 2.9% to a nine-month high of £ 53.3 billion, as goods purchases rose 3.8%.

Exports grew at a slower pace of 1.2% to £ 50.5 billion, with merchandise sales up 1.9% while sales of services increased by 0, 4%.

UK industrial production

UK industrial production grew 2.9% year-on-year in September, lower than the 3.7% figure in the previous month, official data showed.

After two months of expansion, UK industrial production fell 0.4% in September from the previous month.

The month-over-month decline was attributed to production declines for all four production sub-sectors. Production in the electricity and gas sector fell 1.6%, followed by the oil and gas extraction sector, which fell 0.9%.

Unemployment in Australia

Australia’s seasonally adjusted unemployment rate recorded the highest rate since April, reaching 5.2% in September, the Australian Bureau of Statistics revealed.

That figure is higher than the 4.6% of the previous month and is partly due to Delta’s lockdowns in several states.

Japanese producer prices

Producer prices in Japan rose 8 percent in October, from 6.4 percent the month before, the Bank of Japan said.

This was the highest level since December 1980 and was driven by soaring prices for petroleum and coal products, which rose at an annual rate of 44.5 percent. Chemicals prices also rose 14.1% while food and drinks now cost 2.3% more.

On a monthly basis, producer prices rose 1.2 percent in October, compared with 0.3 percent in September.


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