Economic Review – April 2019

The UK economy grew more strongly than expected in February as ‘pre-Brexit’ stockpiling provided a boost to the monthly rate of economic growth.

The UK labour market continues to confound economists and defy any signs of a Brexit-related slowdown, with the proportion of people in work reaching yet another record level.

As April drew to a close, weaker than expected factory data from China cast a shadow over global growth. Investor sentiment was pacified somewhat by positive euro zone growth and employment data, strong economic data from the US and rising oil prices.

The latest retail sales statistics show that a combination of mild weather and rising real wages encouraged UK shoppers to shrug off Brexit woes and spend heavily during March

Although the Brexit process still appears to be in a state of turmoil, a six-month extension has now been approved which appears to have averted the imminent prospect of the UK leaving the EU without a deal.