New data released by the Office for National Statistics (ONS) shows that the trade gap in the UK was narrowed during October.
According to figures revealed today (December 10th), the country's goods trade deficit narrowed to £9.7 billion over the course of the month, which is compared with £10.1 billion in September.
ING economist Rob Carnell stated that the latest data is a positive sign for the UK's economy.
"This will provide a robust starting point for the fourth quarter and bodes well for fourth quarter GDP if not undermined by the service sector – which we think unlikely," he added.
As well as the trade gap data, the ONS revealed that the UK Index of production grew by 0.4 per cent in the month. This is among the key components of gross domestic product.
It was noted by the ONS that the increase comes after a slowdown from the 0.9 per cent rise in September, which could be a positive sign for the UK's economic growth.
Chancellor George Osborne recently insisted that the austerity plan put into place by the coalition government since it came to power in May 2010 has been a success.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.