UK Q2 GDP Growth In Line With Expectations
(RTTNews) - Friday, the Office for National Statistics announced that UK’s real gross domestic product, or GDP rose 0.2% quarter-on-quarter in the second quarter, a tad slower than the 0.3% in the first three months of the year. The quarterly growth was in line with economists’ expectations.
Year-on-year, the GDP grew 1.6% in the second quarter, significantly slower than 2.3% in the previous quarter and matching economists’ expectations.
The ONS noted that overall deceleration in GDP was driven by construction, which is due primarily to a particularly large fall in new housing construction. Output of the industrial production is estimated to have fallen 0.5%, after dropping 0.2% in the previous quarter, largely due to a weaker growth in manufacturing and energy supply.
Meanwhile, GDP growth continued to be driven by services, output of which rose 0.4% quarter-on-quarter compared to 0.3% rise in the first quarter.
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