UK economy grew by slower-than-thought 0.5% in the second quarter

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UK economy grew by slower-than-thought 0.5% in the second quarter

British economic output grew by 0.5% in the second quarter, slightly slower than previously thought, figures from the Office for National Statistics showed on Monday.

A preliminary ONS estimate for the second quarter had shown domestic product growth at 0.6%.

Economists polled by Reuters did not expect the quarterly growth pace to be revised in Monday’s updated data.

Compared with the second quarter of 2023, the economy grew by 0.7%, the ONS said, slower than economists’ forecasts of a 0.9% rise.

Sterling was little changed against the U.S. dollar after the figures were released.

Prime Minister Keir Starmer, whose Labour Party won power in July, is seeking to speed up economic growth.

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