UK GDP rises 0.4% in quarter to June

Economy 8/10/2018, 10:32 AM
UK GDP rises 0.4% in quarter to June

The United Kingdom gross domestic product (GDP) rose 0.4% in the three months to June, compared to the previous three-month period, according to the monthly estimate released by the country's Office for National Statistics on Friday.

In the second quarter of 2018, the services industries and construction saw a rise of 0.5% and 0.9% respectively while production declined by 0.8% for the same period. In the meantime, between the first and the second quarter of the year, household spending increased by 0.3% and business investment added 0.5%.

Growth in compensation of employment gained 0.6%, marking a positive contribution towards the GDP expansion. The UK trade deficit in current price terms widened by £4.7 billion in the second three months of the year, causing net trade to negatively effect on the GDP growth.

Breaking the News / VK