Official data showed that the British economy grew by 0.4% during the second quarter of the year, slowing from a 0.6% growth recorded in the first quarter.
The UK Office for National Statistics (ONS) reported that the services sector was the primary driver of growth, while the production sector remained virtually flat, and the construction sector posted growth over the same period.
On a monthly basis, the ONS indicated that Gross Domestic Product (GDP) expanded by 0.3% in June, beating economists’ expectations.
This came following flat output in May, which was revised down from the ONS’s previous estimate of 0.1% growth for the month.
Services sector activity grew by 0.5% in the second quarter, compared with 0.8% growth in the first quarter.
On an annual basis, services sector output was 1.5% higher than its level in the same period last year.
