UK GDP for the second quarter preliminary reading was revised to 1.2%, exceeding both median estimates and advanced of 1.1%. On the year, growth remained also inched up to 1.7% from the advanced 1.6%.
Details showed that the reading was boosted by the rise in exports which jumped to 1.1% from -1.7% in the first quarter, yet below estimates of 2.1% while imports increased to 0.9% from 1.6%, lower than forecasts of 1.8%. Also, private consumption climbed to 0.7% from -0.1%, exceeding projections of 0.5%.
On the other hand, government spending matched forecasts at 0.3% from 1.5%, while gross fixed capital formation fell to -2.4% compared with 4.5% in the first three months and forecasts of 1.8%.
Other details showed that total business investments slipped to -1.6% on the quarter from 7.8% and compared with analysts estimates of 3.0% Annually, the reading edged up to 1.9% from -7.7%, yet lower than expectations of 6.2%.
Finally, Index of services three months on three months reading came in at 0.7% from the prior 0.8% which was revised up to 1.0%.