UK GDP grew by 0.2% in the second quarter

Today, 30 September, the UK Office for National Statistics (ONS) presented revised data on GDP dynamics in the second quarter. Management analysts said that from April to June, the British economy showed growth of 0.2%, while according to initial estimates, a decline of 0.1% was expected. It is noted that the growth was largely due to the increase in economic activity in the service sector, especially in such industries as communications and information processing, professional, scientific and technical fields of activity. At the same time, ONS notes that in industries such as wholesale and retail trade, as well as medicine and healthcare, the recovery in activity remains weak.

Thus, the data on British GDP in the second quarter suggests that the country’s economy did not enter a recession during that period, as previously predicted by the Bank of England. However, according to the respondents Bloomberg economists, in the third quarter, British GDP will still decline, as another factor will be added to inflationary pressure and a weak recovery in a number of sectors – several days off announced in the country after the death of Queen Elizabeth II.

Evgeniy Khvostik