UK GDP growth decreased to 0.3% in Q2, a decline from 0.7% in Q1, and this slowdown was anticipated but less severe than feared. Key components affecting this growth included business investment, which contributed to the slower performance due to rising costs and uncertainty. Additionally, there was a decrease in household consumption, notably influenced by lower tourist spending. Future projections suggest the UK economy will maintain a similar rate of expansion for the rest of the year.
UK GDP growth decelerated to 0.3% in Q2, down from 0.7% in Q1. This slowdown was widely anticipated but not as severe as initially feared.
Business investment was a significant contributor to the slowed growth, reflecting increased costs and heightened uncertainty through the spring.
Household consumption growth slowed as well, with tourist spending exerting a notable downward influence on overall economic performance.
Looking ahead, Cebr anticipates that the UK economy will continue to expand at a similar rate for the remainder of the year.
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