- The UK’s quarterly GDP contracted by 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% on a quarterly basis in the three months to June.Compared to the 0.8% growth recorded in the first quarter and the -0.2% expected.
In annual terms, UK GDP grew by 2.9% in the second quarterCompared to the expected 2.8% expansion and the 8.7% expansion recorded in the previous quarter.
On a monthly basis, the economy contracted in June to -0.6% vs. -1.3% expected and 0.5% previously.
for this part, The services index for June fell 0.4% in the three months to JuneCompared to 0% previously and 0.9% expected.
Quoting the Office for National Statistics, MNI reports that “there are positive contributions from consumer-oriented services, including accommodation activities, food services, arts, leisure and leisure activities. There was a 0.2% decrease in real household consumption.”
About UK GDP
The GDP published by National Statistics is a measure of the total value of all goods and services produced by the United Kingdom. Gross Domestic Product is a broad measure of economic activity in the United Kingdom. In general, an upward trend has a positive effect on the British pound, while a downtrend is seen as negative (or bearish).