Fri, Aug 19, 2022 @ 14:18 GMT
HomeLive CommentsUK GDP rose 8.7% mom in June, down -20.4% qoq in Q2,...

UK GDP rose 8.7% mom in June, down -20.4% qoq in Q2, -17.2% below Feb’s level

UK GDP grew 8.7% mom in June, better than expectation of 8.0% mom, and a strong improvement from May’s 2.4% mom. For the quarter, Q2 GDP, however, still contracted -20.4% qoq, slightly below expectation of -20.2% qoq. That’s also notable deterioration from Q1’s -2.2% qoq. Overall, GDP remains -17.2% below levels seen back in February, before the full impact of the coronavirus.

In June, services grew 7.7% mom. Production rose 9.3% mom. Manufacturing rose 11.0% mom. Construction rose 23.5% mom. Agriculture rose 2.7% mom. But all sectors were down in the rolling three-month to April-to June, with services down -19.9% 3mo3m, production down -16.9% 3mo3m, manufacturing down -20.2% 3mo3m, construction down -35.0% 3mo3m, and agriculture down -4.8% 3mo3m.

Also from UK, goods trade deficit widened to GBP -5.1B in June, larger than expectation of GBP -4.5B.

 

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