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Trade boosts UK economy | European consumer trends | UK-Argentina bilateral trade

 
Trade drives a boost in the UK economy
 
The Office for National Statistics released figures that show a bumper contribution from trade in the final three months of 2016. GDP grew 0.7 per cent, its fastest pace in a year, and at the same time the current-account deficit saw a record improvement as it narrowed to 2.4 per cent of GDP, the lowest since 2011.
 
Annualised growth in the fourth quarter stood at 2.7 per cent compared with 2.1 per cent in the US. The improvements reflect that consumer spending has been the engine of the British economy.
 
While trade is expected to underpin the economy this year, economists predict that growth will slow modestly.
 
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European consumer trends
 
A Mastercard survey into consumer trends in ecommerce and new payments in Europe shows that one in four Europeans with internet access shopped online at least once a week last year. Over 60 per cent shopped online once a month.
 
The survey also found that consumers in the UK are some of the most frequent online shoppers in Europe, with 41 per cent shopping weekly. They are closely followed by the Irish and Germans.
 
The Masterindex survey also reveals interesting statistics about ecommerce in Europe, such as the products that are most popular and the most used forms of online payment from mobiles.
 
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UK lines up £1bn for Argentina trade
 
After a 20 year hiatus the UK government is re-introducing export credit support for businesses looking to trade with Argentina. International trade minister Greg Hands announced that up to £1 billion of support will be available to help UK companies secure business in Argentina.
 
Bilateral trade between the UK and Argentina stands at £1.3 billion and is growing, according to the UK Department for International Trade.
 
A new UK-Argentina Commercial Dialogue group will be created to develop a joint statement from the two countries in September that commits to boosting bilateral trade and investment.
 
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Thursday 06 April 2017

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