- UK quarterly GDP contracted 0.1% in the second quarter, versus -0.2% expected.
- UK GDP came in at -0.6%m/m in June vs. -1.3% expected.
The British economy contracted 0.1% quarter-on-quarter in the three months to June.compared to the growth of 0.8% registered in the first quarter and the -0.2% expected.
In annual terms, UK GDP grew by 2.9% in the second quartercompared to the 2.8% expected and the expansion of 8.7% registered in the previous quarter.
On a monthly basis, the economy contracted in June to -0.6% vs. -1.3% expected and 0.5% prior.
For its part, June services index fell -0.4% in the three months to Junecompared to 0% previously and 0.9% expected.
Citing the National Statistics Office, the MNI reported that “there were positive contributions from consumer-oriented services, including lodging and food service activities, and arts, entertainment and recreational activities. There was a 0.2% decrease in real household consumption.
About UK GDP
The Gross Domestic Product published by National Statistics is a measure of the total value of all goods and services produced by the United Kingdom. GDP is considered as a broad measure of economic activity in the UK. Generally speaking, an uptrend has a positive effect on the British pound, while a downtrend is seen as negative (or bearish).
Source: Fx Street
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