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Tag: growth

Home loan growth may rise to 17-19% in FY19: Report

Home loan growth may rise to 17-19% in FY19: Report

Finance
Government incentives to boost the residential real estate sector, especially budget housing, may push housing credit growth to 17-19 per cent in the current fiscal year, according to a report. "Growing affordability for the first-time home buyers, supported by government incentives like the PM's Awas Yojana are expected to result in a rise in primary home purchases, especially in the affordable housing segment, which will help segmental loan growth to 17-19 per cent,"the Icra report said. Housing credit grew 16 per cent in FY18, taking the mortgage penetration (housing credit as a percentage of GDP) to double-digit mark of 10 per cent for the first time in FY18, up from 9.5 per cent in FY17. Overall housing credit grew 39 per cent in the year to March 2018, which was pushed by new mort...
Wage growth weakens despite employment surge

Wage growth weakens despite employment surge

Business
Wage growth weakened to 2.8% in the three months to April though there was a strong increase in the number of people in work, official figures show. The data from the Office for National Statistics (ONS) shows pay is still increasing more quickly than inflation.But the pace of regular wage growth - excluding bonuses - has slipped back after reaching 2.9% in the previous month's set of figures - which was the best increase since 2015.It could further douse expectations of an interest rate hike this summer - already dampened by indications of sluggish economic growth after a first quarter in which the UK slowed to a near standstill.But there was a better than expected increase in the number of people in work, by 146,000 to 32.39 million, while unemployment fell by 38,000 to 1...
Continental growth spurt spurred Earth's first snow, study suggests

Continental growth spurt spurred Earth's first snow, study suggests

Science
May 25 (UPI) -- Scientists believe Earth's first snow fell some 2.4 billion years ago. According to a new study, the flurries arrived as a result of a continental growth spurt. The link between rising coastal elevations and the planet's first snowflakes -- detailed this week in the journal Nature -- was revealed by isotopic analysis of 278 shale samples, collected from all over the world. Shale, formed by the weathering of the planet's crust, is Earth's most abundant sedimentary rock. The chemical composition of shale samples can reveal details about its exposure to air, light and precipitation. "The process of forming shale captures organic products and eventually helps to generate oil," University of Oregon geologist Ilya Bindeman said in a news release. "Shales provide us with a conti...
Interest rates on hold as Bank cuts growth outlook

Interest rates on hold as Bank cuts growth outlook

Business
Media playback is unsupported on your deviceThe Bank of England said the UK economy has hit a "temporary soft patch" as it kept interest rates on hold at 0.5%.The Bank cut its growth forecast for the year to 1.4%, down from the forecast of 1.8% made in February.The Bank says that cut is almost entirely due to the disruption to the economy caused by bad weather in March.However, Bank governor Mark Carney said in an interview with BBC economics editor Kamal Ahmed that "it's likely" rates will rise this year. In a press conference after the rates decision was announced, Mr Carney said the "underlying pace of growth remains more resilient than the headline data suggests".As recently as February economists were expecting the Bank to raise interest rates this month.That view changed after figure...
Construction plunge and Beast hit UK growth

Construction plunge and Beast hit UK growth

Business
A plunge in construction activity and the so-called Beast from the East took a toll on the economy in the first quarter, with growth falling to 0.1%.The preliminary figures from the Office for National Statistics (ONS), which were much worse than economists and markets had predicted, showed the weakest growth since 2012.They sparked a dive in the value of the pound, trading at $ 1.38 versus the dollar after falling almost a cent, as expectations of a rise in interest rates by the Bank of England next month tumbled.The Bank had been forecasting a rise in gross domestic product (GDP) of 0.3%.Image:Market expectations of an interest rate rise being announced by Mark Carney in May went into reverse on the ONS data The ONS data, which is subject to revisions as more information becomes availabl...