Britain's economy recovering with growth at 1.2 pct

LONDON, July 25 (KUNA) -- British economy is recovering with a 1.2 percent growth in the current year and forecast to "gain momentum" in 2026, the nation's treasury declared on Friday, citing a freshly released report by the International Monetary Fund (IMF).
The IMF, in the report drawn up following staff field and assessment works, endorsed the British governmentآ’s fiscal plans which it says strike a balance between supporting growth and safeguarding fiscal sustainability. "And the growth mission covers the right areas to lift productivity," it said.
The IMF has stated that the UKآ’s new industrial strategy has real potential to unlock private investment and boost UK productivity in key sectors.آ Given the high level of uncertainty emanating from the external environment, the IMF has stated that the government should continue advocating for a stable global trading system and welcomes recent efforts to strike trade agreements with key partners, including the EU, India, and the US, demonstrating a commitment to finding common ground and establishing a more predictable environment for UK exporters.
The UK's Gross Domestic Product (GDP), which represents the value of the British economy, is approximately sterling pounds 2.56 trillion (USD 3.3 trillion).
Tourism, manufacturing, retail, and financial services all represent significant sources of income for this world-leading economy. (end) nbs.rk