UK second-quarter growth revised lower

The UK economy grew less than initially estimated in the second quarter, according to figures released on Monday by the Office for National Statistics.

GDP grew 0.5% in the three months to June, down from a previous estimate of 0.6% growth.

The ONS said the services sector grew by 0.6% in the second quarter, with widespread growth across the sector. This was partially offset by falls in both the production and construction sectors.

GDP for 2023 as a whole was estimated to have increased by 0.3%, revised up from the first estimate of 0.1% growth, mainly due to updated data from the income approach to measuring GDP.

ONS director of economic statistics, Liz McKeown, said: "Today’s updated GDP figures for 2023 and 2024 include new annual survey data, VAT returns and updates information about the relative size of each industry for the first time.

"However, after taking on these improvements, the quarterly growth path across the last 18 months is virtually unchanged.

"Our latest data show that household savings continue to increase and are now at the highest rate since the Covid-19 lockdowns."