UK GDP grows 0.4% in Q2

YoY growth revised downwards on poor Q1 weather

The UK economy expanded by 0.4% in the three months to the end of June driven by strong growth in the services sector, according to the Office for National Statistics (ONS).

In its latest growth report, the ONS said UK GDP had moved higher in the second quarter of 2018, having grown by just 0.1% in the first quarter. First quarter growth was revised down slightly after the ONS incorporated VAT turnover data in the output approach, which saw a downward revision to the construction industry. Jeffrey: Is ONS data reflecting 'true' economic activity? The revision meant the year-on-year growth rate fell to 1.2% from 1.3%, as it marked a 0.7% fall in business investment, in line with the ONS' expectations. The ONS report said "the recent narrative on UK G...