The Office for National Statistics (ONS) reported that UK GDP growth for spring was revised down from 0.6% to 0.5%, highlighting weaker economic performance than initially believed.
Chancellor Rachel Reeves acknowledged the challenges facing the UK economy, reiterating that while recovery is underway, it is proceeding at a slightly slower pace than expected.
The revisions indicate that, while the services sector drove growth, both manufacturing and construction continued to negatively impact the overall economic figures.
Despite the revision, the ONS reported that the household savings rate is increasing, even as the overall growth for 2023 was adjusted to 0.3% from an earlier estimate of 0.1%.
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