UK trade deficit shrinks more than expected in June
LONDON (REUTERS) - The deficit in Britain's trade in goods narrowed more than expected in June to its lowest level in nearly a year as exports picked up, giving a boost to hopes for a broader economic recovery.
The Office for National Statistics (ONS) also said on Friday that construction output grew more in the second quarter than first thought but said the increase had no impact, to one decimal place, on its estimate for economic growth in the period.
Britain's goods trade deficit shrank to 8.082 billion pounds (S$15.85 billion) from 8.668 billion pounds in May. Economists had forecast a gap of 8.50 billion pounds.
The goods trade deficit with non-EU countries narrowed to 2.646 billion pounds in June from 4.019 billion pounds in May and against forecasts for a shortfall of 3.8 billion pounds.