UK economy shows unexpected strength in July, dampening recession fears

The Bank of England forecast last month that economic output would grow 0.3% in the third quarter, although its forecast for zero growth in the second quarter proved to be too optimistic.

LONDON: Britain's economy picked up more than expected in July, according to data that will dampen fears it will succumb to its first recession since the financial crisis as the Brexit crisis escalates.

Economic output in July alone was 0.3% higher than in June, the Office for National Statistics (ONS) said on Monday, marking the biggest rise since January and topping the median forecast in a Reuters poll of economists for a 0.1% increase.