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September 28, 2018UK GDP Q2 2018 (SECOND ESTIMATE) The Office for National Statistics' second estimate of UK Gross Domestic Product for Q2 2018 reports an acceleration to a seasonally adjusted annualized rate of 1.6 per cent, compared to growth of 0.9 per cent in the first quarter. The services and construction sectors contributing to growth but were revised lower for Q1. Declining manufacturing output continues to be a drag on UK economic growth. Household spending and business investment contributed to growth in Q2 while there were declines in government spending and net trade. Household consumption growth continues to grow at subdued pace as households face weak real wage growth and inflationary pressures from past Sterling depreciation.
The Office for National Statistics notes that the UK economy's underlying trend shows slowing output growth in real terms since 2014.
Office for National Statistics
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