UK Q2 GDP left unchanged but other revisions cloud outlook

The final estimate of UK second quarter GDP has seen growth left unrevised at 0.7%, with the annual rate of growth being revised downwards.

Some economists had expected the third Q2 estimate to again revise up quarterly growth, this time to 0.8%, following the 0.1 percentage point upwards revision reported in the second estimate. But the Office for National Statistics revised down contributions from consumer spending, investment and net trade in its latest release this morning. The ONS also revised down the annual rate of growth in Q2 from 1.5% to 1.3%, while 2012 GDP growth was downgraded from 0.2% to 0.1%. A rare bright spot saw the Q1 growth rate revised up from 0.3% to 0.4%. Worse-than-expected current account d...