UK: No recession yet – RBS

In view of analysts at the Royal Bank of Scotland, there is no recession for the UK economy as after contracting by 0.2% in the second quarter, the economy regained enough composure to eke out 0.3% growth in three months to September.

Key Quotes

“There’s not much to celebrate though. Momentum is slowing: GDP growth is the most sluggish since the aftermath of the financial crisis in 2010 (just 1% y/y).”

“The manufacturing industry failed to stage any recovery at all, with output flat. Thank goodness for the services sector, especially bright spots like film and TV production, which expanded 22% over the past 12 months and has doubled in size in just five years.”