Investing.com - Britain’s economy grew in line with expectations in the second quarter, according to preliminary data released on Wednesday.
The Office for National Statistics said gross domestic product rose by 0.3% in the three months to June, from 0.2% growth in the first three months of the year. Economists had forecast growth of 0.3%.
On a year-over-year basis the economy expanded by 1.7% from 2.0% in the first quarter, also in line with forecasts.
Britain’s service sector drove growth with output rising by 0.5%, but industrial output shrank by 0.4% and construction output contracted by 0.9%.
ONS Head of National Accounts Darren Morgan said the report showed that Britain’s economy has experienced “a notable slowdown in the first half of this year.”
“While services such as retail, and film production and distribution showed some improvement in the second quarter, a weaker performance from construction and manufacturing pulled down overall growth.”