Preliminary estimates from the UK Office for National Statistics showed that UK GDP grew by 0.4% month-on-month in June, compared to a 0.1% decline in May. This was better than the 0.2% forecast, outweighing the impact of tariffs and business uncertainty.
Conversely, the economy grew by 0.3% in the second quarter of this year, ending in June, after growing by 0.7% in the first quarter, while expectations were for growth of 0.1%. The services sector, which accounts for more than 70% of the UK economy, grew by 0.3% in June, up from 0.5% in May, and by 0.4% in the second quarter. Construction output grew by 0.3%, after falling by 0.5% and declining by 0.3% quarter-on-quarter. Production output grew by 0.7% in June, after falling by 1.3% in May, and by 1.2% in the second quarter.