IN its latest World Economic Outlook, the IMF said the global economy is growing faster than at any time since 2010.

It estimates the world economy will expand 3.6 per cent in 2017, up from 3.2 per cent last year, with growth of 3.7 per cent in 2018.

Growth forecasts for all advanced economies were upgraded with the notable exception of the UK, where it forecasts static GDP growth of 1.7 per cent this year, slowing to 1.5 per cent in 2018.

"The medium-term growth outlook (for the UK) is highly uncertain and will depend in part on the new economic relationship with the EU and the extent of the increase in barriers to trade, migration, and cross-border financial activity," said the IMF.

There was further bad news for the UK economy as the Office for National Statistics (ONS) reported the UK’s trade deficit widened to £5.6bn in August from £4.2bn in July.

However, there were also more positive signals, with industrial production up 1.6 per cent year-on-year in August.

The increase was driven by stronger-than-expected manufacturing data, the ONS said.

The biggest contributor to manufacturing growth over the three months to August was "other manufacturing and repair", which includes repair and maintenance contracts for items such as aircraft and ships.

Construction activity also beat expectations, thanks to a rise in infrastructure and private housebuilding.

Retail sales were higher for the fourth month in a row in September, according to the British Retail Consortium. Like-for-like sales were up 1.9 per cent year-on-year, the fastest growth since April.

However, BRC chief executive Helen Dickinson said spending remained "focused towards essential purchases; with consumers buying their winter coats and back to school items, but shying away from big ticket items such as furniture and delaying the renewal of key household electrical goods."

Economists also said that with a potential interest-rate rise looming, consumer confidence could soon be dented.

Concern about higher interest rates is already contributing to buyer caution in a slowing housing market, according to the Royal Institution of Chartered Surveyors (RICS).

Sentiment in the market is now "flatter than at any point since last summer’s referendum result", RICS said.

In its monthly UK Residential Market Survey, 20 per cent more respondents reported a fall rather than a rise in demand from would-be buyers in September.

Sky unveiled an encouraging set of first-quarter results as the popular Game of Thrones and Riviera series boosted revenues by five per cent.

The broadcaster reported revenues of £3.3bn for the three months to September, while earnings before interest, tax, depreciation and amortisation (Ebitda) were up 11 per cent to £582m.

The results indicated a strong start to the financial year with profit growth benefiting from previous investments.

However, while new customer numbers were good – 160,000 in the quarter - Sky still faces headwinds “against the backdrop of pressure on consumer spending and lower spend on UK television advertising”.

Sky could face competition for UK football rights from US online giants such as Amazon and Facebook.

If the group was to lose any more Premier League packages this could reduce its appeal to pay-TV customers.

Sky also currently dominates the tough Italian pay TV market, but a rumoured tie-up between Vivendi and Mediaset could threaten its position.

The update came as Sky waits for a decision from the competition watchdog on a proposed takeover by 21st Century Fox.

Neil McLoram works in business development at wealth management firm Brewin Dolphin, based in Newcastle