U.K. GDP Fell Less Than Expected in Q2
2022.08.12 09:46
By Geoffrey Smith
Investing.com — The U.K. economy shrank in the second quarter for the first time in five quarters, but by a fraction less than expected, as surging inflation damped consumer confidence and the Queen’s Platinum Jubilee crimped business activity.
Gross domestic product fell 0.1% in the three months through June, a slightly better outcome than the 0.2% expected but a sharp drop from the 0.8% gain posted in the previous quarter.
The figures were helped by a better-than-expected performance from industry in May and June. Industrial output fell by only 0.9% rather than the 1.3% expected, and May’s output was revised up to a gain of 1.3% from an initially reported 0.9%. Manufacturing output fell 1.6%, while the previous month’s gain was revised up to a gain of 1.7% from a preliminary 1.4%.
