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Seeking to explain the UK's underperformance further, it adds: Weak export performance and productivity could be driven by infrastructure weaknesses and difficult access to bank finance, especially for small and medium-sized enterprises (SMEs), holding back the emergence of new firms and high-skilled jobs".
Weak export growth and a large trading deficit.
Weak export markets, especially in the eurozone, are clearly a drag.
Growth was stifled at home by energy rationing and high interest rates and abroad by weak export markets.
In the UK, eurozone troubles were reflected in weak export orders although domestic demand continued to fill the gap.
"Plus, many businesses will also have to contend with a stronger pound weighing down on already weak export growth".
Similar(24)
But both countries reported weak exports.
The recovery since early 2013 has been dominated by rising house prices, an increase in unsecured consumer debts and weak exports.
"Demand-side indicators are unanimously weak, with extremely weak exports growth and continued slide of fixed-asset investment growth".
For countries that were already struggling with weak growth and faced little if any inflation, like Japan, weak exports are proving a serious setback.
Australia posted a record current account deficit of 12.7 billion Australian dollars ($8.1 billion) in the second quarter, as a result of weak exports and strong demand for imports.
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