UK GDP expanded by 0.3% in the spring quarter, slower than the 0.7% growth earlier this year. However, growth was better than anticipated based on previous volatile monthly figures. June data showed significant improvement, and April's negative figure was revised upwards. Overall, despite a slowed pace, the UK economy experienced solid growth in the first half of 2023 compared to other major economies, highlighting resilience amidst global trade uncertainties and local policy shifts.
The recent UK GDP growth of 0.3% in the spring quarter indicates a slowdown compared to the earlier 0.7% expansion, though the results exceed expectations.
Despite the slowing growth in the spring, the overall economic performance in the first half of the year surpasses that of other major economies, suggesting underlying resilience.
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