{
  "id": 13391813,
  "title": "S&P lifts UK GDP growth view on resilient consumer spending and services sector",
  "url": "https://urgent.news/2026/10/10/s-p-lifts-uk-gdp-growth-view-on-resilient-consumer-spending-and",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-10T11:07:47.000Z",
  "source": {
    "name": "The National Business",
    "slug": "the-national-business",
    "url": "https://www.thenationalnews.com/business/economy/2026/10/10/sp-lifts-uk-gdp-growth-view-on-resilient-consumer-spending-and-services-sector/"
  },
  "original_language": "en",
  "account": "S&P Global Ratings has raised its growth forecast for the UK, highlighting consumer spending and services as key factors in keeping the economy afloat amid the Middle East conflict. The agency now anticipates the UK's real gross domestic product (GDP) to expand by 1.3%, up from a previously revised 1.1%. Hospitality and professional services have been instrumental in driving this growth in the second quarter, and S&P expects the economy to average 1.4% growth from 2027 to 2029, provided the Middle East situation is \"contained\".\n\nThe agency has also maintained the UK's long and short-term foreign and local currency sovereign credit ratings at AA, two notches below the top prime grade. This investment grade status facilitates easier access to capital markets and borrowing when needed. S&P's analysts attribute the stable outlook to the UK's resilience in the face of the energy shock from the Middle East conflict, while also acknowledging risks stemming from the country's constrained fiscal position, high public debt levels, and substantial government spending.\n\nIn addition to the UK, S&P noted that Egypt's economy has accelerated to its fastest pace in three years, growing by 5.1% in fiscal 2026. This growth was primarily driven by non-oil sectors like manufacturing, retail, information and communication technology, and tourism. Household consumption played a crucial role, boosted by record remittances, lower inflation, and stable labor market conditions. However, S&P projects that Egypt's growth will slow to 4.5% in fiscal 2027 due to shipping disruptions and persistent uncertainty. The country's inflation remains high at 13.9% in September, with the Central Bank of Egypt resistant to raising interest rates. Despite this, S&P has kept Egypt's credit rating at B, a level six steps below investment grade, with a stable outlook, expecting the country's ongoing reform agenda to enhance medium-term economic competitiveness.",
  "summary": "S&P Global Ratings has upgraded its growth outlook for the UK, citing “reasonably resilient” consumer spending and services that have helped shield the economy from the conflict in the Middle East. Real gross domestic product in Europe's second-biggest economy is now expected to climb by 1.3 per cent, from a previous lowered prediction of 1.1 per cent , the New York-based agency said on Friday.…",
  "key_points": [
    "S&P raises UK GDP growth forecast to 1.3% in 2026",
    "Hospitality and professional services drive growth",
    "Egypt's economy accelerates to 5.1% growth in 2026"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The National UAE",
        "title": "S&P lifts UK GDP growth view on resilient consumer spending and services sector",
        "url": "https://urgent.news/2026/10/10/s-p-lifts-uk-gdp-growth-view-on-resilient-consumer-spending-and-13395694",
        "published": "2026-10-10T11:07:47.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}