UK Q2 GDP growth revised up to 0.5% quarter‑on‑quarter, annual forecast lifted to 1.4%
Q2 real GDP growth revised from 0.4% to 0.5% q/q
In Brief
- •Q2 real GDP growth revised from 0.4% to 0.5% q/q
- •Annual GDP forecast raised to 1.4%
- •Q1 growth was 0.6% q/q; government spending contracted 0.5% q/q (revised from -0.3%)
- •Analysts note resilience to energy price pressures but warn of potential slowdown in Q4 and winter
Why It Matters
The upward revision of Q2 growth signals that the UK economy has been more resilient to rising energy costs than previously thought, bolstering confidence in the current fiscal stance. However, analysts caution that higher inflation, potential interest‑rate hikes, and a tax‑raising budget could temper growth in the coming months, influencing policy decisions and household purchasing power.
Key Details
- Q2 GDP growth q/q
- 0.5%
- Annual GDP forecast
- 1.4%
- Q1 GDP growth q/q
- 0.6%
- Government spending q/q
- -0.5% (revised from -0.3%)
Context & Background
The UK economy has faced pressure from higher energy prices and inflation, prompting a reassessment of growth figures. The revised data suggests a stronger first‑half performance, though analysts anticipate a slowdown as winter approaches.
Original Reporting & Sources
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