Britain's Economy Rebounded In Q2

Forex News

UK economic growth slowed after the 2016 Brexit vote and is expected to continue to expand at weaker pace than most other developed economies with the country due to leave the European Union in March next year. Today’s data showed, that Britain's economy picked up some speed in the second quarter after a sharp slowdown in Q1, with the help of service sector growth.

The Office for National Statistics (ONS) reported, that gross domestic product (GDP) expanded by a seasonally adjusted 0.4% in the April to June period, in line with forecasts, compared to growth of just 0.2% in the first quarter.

On annual basis, UK economy grew by 1.3% in the second quarter, also in line with estimates. The British economy grew 1.2% in the first quarter. In June alone, the economy grew 0.1% after a 0.3% rise in May, weaker than forecasts of a 0.2% growth.

Quarterly growth in household spending quickened slightly to 0.3% from 0.2% in the first quarter, but stood only 1.1% higher than a year ago (the weakest annual increase since early 2012).