ONS News - UK GDP for Q2 2023 -
Main points -
- The first quarterly estimate of UK real gross domestic product (GDP) shows that the economy increased by 0.2% in Quarter 2 (Apr to June) 2023.
- Monthly estimates published today (11 August 2023) show that GDP is estimated to have grown by 0.5% in June 2023, after an unrevised fall of 0.1% in May 2023 and growth of 0.2% in April 2023.
- In output terms, the services sector grew by 0.1% on the quarter, driven by increases in information and communication, accommodation and food service activities, and human health and social work activities; elsewhere, the production sector grew by 0.7%, with 1.6% growth in manufacturing.
- In expenditure terms, there was strong growth in household consumption and government consumption, which was partially offset by a fall in international trade flows in the second quarter.
- Compared with the same quarter a year ago, the implied GDP deflator rose by 6.7%, this follows growth of 6.5% in the previous quarter; this largely reflects a fall in the implied price of imports which contributes positively to the implied GDP deflator.
Full ONS document for Q2 2023 UK GDP - https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/apriltojune2023
From the BBC -
While the headline figure is for the second quarter - that is, a three-month period - the ONS also releases monthly figures.
In June, the UK's GDP grew by 0.5% overall.
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A range of businesses said the lack of bank holiday in June, compared to May, helped the economy grow, according to the ONS.
In total, there were three bank holidays in the UK in May - including one more than normal, for the King's coronation.
"The economy bounced back from the effects of May's extra bank holiday to record strong growth in June," ONS director of economic statistics Darren Morgan said.
"Manufacturing saw a particularly strong month with both cars and the often-erratic pharmaceutical industry seeing particularly buoyant growth."
BBC live news article on the above Q2 GDP figures -
https://www.bbc.co.uk/news/live/business-66469579
Cheers,
Itsallaguess