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UK Private Sector Activity Posts Flat Growth: CBI

UK private sector activity remained broadly unchanged in three months to May, the latest monthly growth indicator from the Confederation of British Industry showed Monday.

The composite growth indicator, measuring growth across the distribution, manufacturing and service sectors, came in at -1 percent. The private sector logged the seventh consecutive rolling quarter of flat or falling volumes.

May's outturn reflected a continued decline in services volumes, balanced out by a pick-up in growth in distribution and steady manufacturing growth, the CBI said.

Looking ahead, private sector activity is expected to remain flat over the three months to August.

"Businesses continue to cite the ongoing drag from Brexit uncertainty, which is holding back key projects, pipelines of work and investment," Alpesh Paleja, CBI principal economist, said.

"To shift the economy up a gear, Parliament urgently needs to agree on a Brexit deal with the EU, and firmly rule out a damaging no deal scenario," the economist added.

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