News Story

UK GDP Strengthens in Second Quarter

- The UK economy saw growth bounce back in the second quarter, after a weak start to the year, official preliminary data showed on Friday.

In a report, the Office for National Statistics (ONS) said gross domestic product expanded by a seasonally adjusted 0.4% in the April to June period, in line with forecasts.

That compared to growth of just 0.2% in the first quarter.

Year-over-year, UK economic growth expanded 1.3% in the second quarter, also in line with estimates.

The British economy grew 1.2% in the first quarter.

Business investment grew 0.5% in the second quarter, bouncing back from a prior 0.4% decline.

Analysts had forecast a 0.3% rise.

Year-on-year, business investment advanced 0.8%, compared to 2.0% in the first quarter.

Additionally, the index of services in the U.K. rose 0.5% in the April to June period, compared to forecasts for a 0.6% advance.

That compared to growth of 0.4% in the first three months of the year.

“The pick-up in Quarter 2 reflects, to some extent, consumers taking advantage of the warm weather and World Cup celebrations,” the ONS noted in the report.

“However (…), the underlying trend in real GDP is one of slowing growth,” it warned.

]]> © Reuters.

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