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UK annual GDP growth revised down for Q2, July services weak

The quarterly growth rate was unrevised at 0.3%

Reuters  |  London 

Britain's economy recorded its weakest year-on-year growth since 2013 in the three months to the end of June, and the major services sector contracted in July, showing a possible loss of momentum as the Bank of England prepares to raise interest rates for the first time in a decade. Official data showed year-on-year gross domestic product growth slowed to 1.5 per cent in the second quarter from 1.8 per cent in the first three months of the year. This bucked economists' expectations in a Reuters poll for it to be unchanged from an earlier 1.7 per cent estimate. The ...

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First Published: Fri, September 29 2017. 15:59 IST