Forex News

UK annual growth revised up to 1.3%

UK annual growth revised up

The pace of annual growth in Britain’s economy saw an upside revision, yet the economy sill contracted on the quarterly basis, data from the ONS showed on Monday.

U.K. annual GDP for the second quarter signaled a growth of 1.3 percent, revised up from 1.2 percent, as the first quarter’s figures were revised up to 0.6 percent from 0.5 percent.

Yet, the final data for the April-June quarter confirmed a 0.2 percent drop, moving in line with both preliminary and market expectations.

Another report released today showed that U.K. consumer lending fell to 5.4 percent, the weakest in more than five years in August, compared to 5.6 percent in July.

As of 08:46 GMT, the pound traded higher for the first time in four sessions at $1.2313, but it is still hovering near its lowest level in two weeks.

Share Article