The UK's Office for National Statistics released its preliminary estimate of real GDP for the April-June quarter. GDP rose 0.4% from the previous quarter, marking a slowdown in growth, while the annualized rate was 1.7%. The services sector led the economy with 0.5% growth.
The UK's preliminary real GDP estimate for the April-June quarter was released, showing modest quarter-on-quarter growth of 0.4%. The article does not provide a year-on-year comparison. The figure was reportedly broadly in line with market expectations, representing annualized growth of 1.7%.
Growth in the April-June quarter slowed from the 0.6% increase recorded in the January-March quarter, indicating that the UK economy lost momentum. Rising energy prices are not thought to have had a significant impact.
By sector, the services sector, which drives growth, remained firm, expanding 0.5%. Improvements in household spending and wage trends were cited as contributing factors, although the article did not provide specific figures for the breakdown.
The release was reportedly in line with Reuters' market forecast, and views were reported that the UK economy is continuing to progress without major disruption. Further developments will be closely watched in upcoming indicators.