UK economy grew by 0.3% in the second quarter

24 Aug 2017 11:37 AM

The second reading of UK's GDP grew by 0.3% in the second quarter of 2017, unchanged from the preliminary reading to match market expectations. Also, the year-on-year reading remained unchanged at 1.7% as forecasted.
Industrial production data were revised slightly upward, with a downward revise of construction spending, with no change in the services sector index. Household spending during the second quarter rose by 0.1%, which is the lowest in three years.
Business investment also showed no change for the second quarter, following a 0.6% rise in the first quarter of the year. The underlying confidence in the UK economy has been dampened by expectations of weak growth, especially as stronger Euro zone economic data suggests that the euro zone economy will be stronger than the UK economy.
The revised GDP data are unlikely to change confidence surrounding the UK economy amid expectations of continued weakness as well as continued weak consumer spending.


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