UK Economy Beats Forecasts with 0.3 Percent Growth in Q2
(MENAFN) The UK economy grew by 0.3% in the second quarter of 2023, beating market projections, as per official data published Thursday.
Analysts had anticipated a modest 0.1% rise for the quarter.
This growth followed a stronger-than-expected 0.7% increase in the first quarter of 2023, data from the Office for National Statistics (ONS) revealed.
Among the three primary sectors, construction was the standout contributor, showing a solid 1.2% growth on a quarterly basis.
Meanwhile, services output also saw a 0.4% rise in the April-June period.
However, production output faced a decline of 0.3% during the same period.
The ONS noted, "Real GDP per head is estimated to have grown by 0.2% in the latest quarter and is up 0.7% compared with the same quarter a year ago."
In annual terms, the UK’s GDP rose 1.2% in the second quarter, outperforming forecasts.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
