UK GDP growth weak at 0.2% in Q2

The UK economy grew by 0.2% in the second quarter of the year, in line with economists' estimates, the Office for National Statistics (ONS) said today.

Weaker private consumption dragged on growth, with total services output declining 0.4% compared to Q1, increasing 0.5%. The manufacturing sector also played its part in the muted growth figure, with production decreasing by 0.3%, compared to an increase of 0.7% in the Q1. Business services and finance were the largest contributors to growth, increasing 0.7%, up on the 0.4% increase the previous quarter. The ONS said it cannot put their finger on what precisely was the cause for the low growth figure but stated ‘special events' such as the Royal Wedding may have been a factor. "...