United Kingdom GDP

United Kingdom

Economic growth slows in Q2

In the second quarter, according to preliminary data released by the Office for National Statistics (ONS) on 26 July, GDP expanded 0.2% over the previous quarter in seasonally adjusted terms, affirming the fragile recovery of the British economy. The figure came in below the first quarter's 0.5% increase but matched market analysts' expectations. ONS listed several exogenous factors that might have weighed on the subdued growth in the second quarter, namely: April's royal wedding, an additional bank holiday and the after-effects of the Japanese tsunami. The lower GDP print mainly reflected a negative contribution to growth stemming from the industrial sector, which contracted 1.4% quarter-on-quarter, followed by the primary sector, which declined 1.3%. Meanwhile, both the services and construction sectors grew at the same pace of 0.5%.


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