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.