The British GDP grew with 0.3% in the three months to May 2019, which is partially due to renewed economic activity, which had previously suffered from the uncertainties surrounding Brexit and the ongoing trade negotiations.
"Production output rose by 0.3% [..] due to rises from all four main sectors, led by mining and quarrying (1.6%), and manufacturing (0.1%).[…] Total manufacturing output rose by 0.1%, displaying a fourth consecutive three-monthly increase since January 2019, with 9 of the 13 subsectors increasing. Partially offsetting overall growth was transport equipment, which fell by 4.6%, led by a continuation of weakness within motor vehicles." [source]
The economic growth for the past quarter is thus, mostly owing to the registered hikes in mining and quarrying activity, which is, in turn, benefitting from the recent growth in the prices for precious metals and other commodities. In the last month, the price of gold has experienced a significant hike surpassing 1400 dollars per troy ounce, which was last seen in August of 2013.
Thus, the British economy is benefiting from the increased demand for precious metals and other commodities; however, the markets remain volatile, and a possible downturn could hinder the recent economic growth in the UK.
The pound has appreciated with 0.12% against the dollar following the release of the report; however, the GBPUSD pair remains in a bearish market and is at its lowest since December 2018.
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