The UK economy showed no growth in February as the country once again narrowly avoided falling into a technical recession, according to the Office for National Statistics.
Some growth in retail and construction was offset by a fall in activity in the services sector, which was dragged down by education and public administration, both of which saw strikes during the month.
“Construction grew strongly after a poor January, with increased repair work taking place,” said ONS director of economic statistics Darren Morgan.
“There was also a boost from retail, with many shops having a buoyant month.
“These were offset by the effects of civil service and teachers' strike action, which impacted the public sector, and unseasonably mild weather led to falls in the use of electricity and gas.”
Analysts had expected GDP to grow by 0.1 per cent in February, month-on-month, according to a forecast by Pantheon Macroeconomics.
'Brighter than expected'
Looking at the broader picture, GDP grew by 0.1 per cent in the three months to February.
“The economic outlook is looking brighter than expected — GDP grew in the three months to February and we are set to avoid recession thanks to the steps we have taken,” Chancellor Jeremy Hunt said.
Mr Hunt had said on Wednesday that the UK economy would do “significantly better” than the bleak two-year outlook from the International Monetary Fund.
He dismissed the IMF’s forecast that the UK economy would shrink by 0.3 per cent this year and expand just 1 per cent next year.
While that forecast was an improvement on a previous IMF prediction of a 0.6 per cent shrinkage, it still leaves the UK at the bottom of the economic growth table of the Group of Seven nations.
“We will do better than that. Our forecasts are significantly better,” Mr Hunt told Bloomberg Television on Wednesday.
But analysts believe that subdued consumer activity will hold back economic growth in the UK for some time to come.
“Even if the UK avoids a recession this year, the pressures on household incomes will continue to sap the economy of any real momentum in the near-term.,” said Alpesh Paleja, lead economist at the Confederation of British Industry.
“While lower energy bills and falling inflation should set the stage for an uplift in the second half of the year, risks to the outlook remain to the downside.”
Kitty Ussher, chief economist at the Institute of Directors, said there was some positivity in the GDP numbers.
“While a flat economy is not usually grounds for celebration, there are some encouraging signs in today’s data,” she said.
“The consumer-facing sectors — notably retail — grew in the month despite bearing the brunt of the cost-of-living crisis, and the construction sector performed strongly.
“In fact, were it not for the industrial action that took place in the public sector, the economy overall would have grown.”
Susannah Streeter, head of money and markets at Hargreaves Lansdown agreed.
“Industrial strife is piling on pressure just when the economy needs it the least, as stagflation takes hold, and this will put the government under extra pressure to come up with resolutions,” she said.
Inflation tests Tesco
Meanwhile, the latest figures from the UK's largest retailer, Tesco, clearly showed the battering effect that high inflation has had on UK companies and consumers.
Tesco, which has a 27 per cent share of the UK grocery market, posted a 6.3 per cent fall in its adjusted annual profit to £2.49 billion ($3.11 billion), after a year of absorbing the effects of inflation in an attempt to keep prices lower and remain competitive.
“It's been an incredibly tough year for many of our customers, and we have been determined to do everything we can to help,” Tesco chief executive Ken Murphy said.
Tesco is forecasting flat profits for its new financial year, which began last month.
“Supermarkets are needing to run increasingly hard to stand still, particularly against a backdrop of cost-pressed consumers, high food inflation and a ferociously competitive environment,” said Richard Hunter, head of markets at Interactive Investor.
“For Tesco, this is a challenge which has been embraced, partially made possible by the sheer scale and size of its operations, although inevitably this has come at a cost.”
Monthly industry data has shown Tesco performing well against its traditional rivals, although it has been losing market share to German-owned discounters Aldi and Lidl, who are continuing to open new stores across the UK.
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
The specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 849Nm
Range: 456km
Price: from Dh437,900
On sale: now
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
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%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Cary%20Joji%20Fukunaga%2C%20Dee%20Rees%2C%20Anna%20Boden%2C%20Ryan%20Fleck%2C%20Tim%20Van%20Patten%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Austin%20Butler%2C%20Callum%20Turner%2C%20Anthony%20Boyle%2C%20Barry%20Keoghan%2C%20Sawyer%20Spielberg%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Concrete and Gold
Foo Fighters
RCA records
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Women's Prize for Fiction shortlist
The Silence of the Girls by Pat Barker
My Sister, the Serial Killer by Oyinkan Braithwaite
Milkman by Anna Burns
Ordinary People by Diana Evans
An American Marriage by Tayari Jones
Circe by Madeline Miller
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
No Shame
Lily Allen
(Parlophone)
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
