UK GDP Annual Growth Confirmed at 1-1/2-Year Low

The British economy expanded 2.6 percent year-on-year in the three months to June of 2015, unrevised from the preliminary estimate but slowing for the second straight quarter. It is the lowest performance since the last quarter of 2013 as a surge in exports was not able to offset a slowdown in private and public expenditure.

Year-on-year, both household and government expenditure slowed (up 3.3 percent and 1.9 percent respectively form 3.4 percent and 2.3 percent respectively in the previous period). Gross fixed capital formation surged 4.9 percent but slowed from a 5 percent expansion in the first three months of the year. Business investment increased 5 percent. 

Exports grew at a faster 8.1 percent, following a 3.8 percent gain in the previous period while imports went up 5.9 percent (4.6 percent in Q1).

On a quarterly basis, the economy expanded a seasonally adjusted 0.7 percent, in line with the preliminary estimate, marking the tenth consecutive quarter of growth.

UK GDP Annual Growth Confirmed at 1-1/2-Year Low

ONS | Joana Taborda |
8/28/2015 11:37:22 AM