United Kingdom GDP Growth Rate

The British economy unexpectedly expanded 0.2% on quarter in the April-June 2022 period, better than initial estimates of a 0.1% contraction. Services rose 0.2%, revised from initial estimates of a 0.4% drop, due to positive contributions from human health and social work; financial and insurance; and professional, scientific, and technical activities while wholesale and retail trade, and accommodation and food services were revised lower. Meanwhile, production contracted 0.2% (vs -0.5% in early estimates), with manufacturing falling 1.1% and mining 1% while electricity, gas, steam and air conditioning supply went up 3.9%, led by the gas industry. On the expenditure side, household consumption edged 0.1% higher, better than initial estimates of a 0.2% drop while investment fell 1.4%, downwardly revised from a 0.6% growth. Government consumption fell by 1.5%, less than a 2.9% drop initially expected. Also, there was a narrowing in the trade deficit for goods and services.