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Economic data released today seemed to be doing most of the Brexit campaigning without Nigel Farage having to so much as put down his pint.
Italian unemployment statistics this morning showed that Italy’s unemployment rate held flat at 12.4 percent in May. This was despite some recent more promising data suggesting that European private credit data is showing signs of improving, helping to spur business activity.
The composite Eurozone unemployment number held at 11.1 percent, down from 11.6 the same month last year. But by contrast UK unemployment is less than half that at 5.5 percent.
In the UK, data released this morning was significantly more rosy. The second reading of UK GDP numbers from the Office for National Statistics indicated that GDP rose by 0.4 percent in the first quarter of 2015, up from the preliminary reading of 0.3 percent.
At the same time, the ONS released data indicating that gross fixed capital formation had jumped by two percent in the first quarter, up GBP1.5bn to GBP76.1bn. Year-on-year, gross fixed capital formation has increased by five percent while the business investment component increased by 5.7 percent.
With the electorate looking across at the events in Greece, David Cameron is probably glad that we’re not holding the referendum on the UK’s European Union membership this week.
