UK economy Q2 2023 growth revised down to 0.5%, driven by services, with manufacturing and construction declines.
The UK's economy grew by 0.5% in the second quarter of 2023, revised down from an initial estimate of 0.6%, according to the Office for National Statistics. This growth was driven by the services sector, while manufacturing and construction saw declines, notably a 3.1% drop in transport equipment production. The slower growth could influence upcoming budget decisions and interest rate policies amid rising household savings, now at their highest since the pandemic.
September 30, 2024
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