The United Kingdom released the gross domestic product figures related to the second quarter, showing that economy grew by 0.1%, compared with the preliminary reading and expectations of 0.2%, and also worse than the previous quarter's expansion of 0.4%.
Moreover, the economy expanded over annual basis by 0.6%, compared to the preliminary reading and expectations of 0.7%, and also worse than the previous annual expansion of 1.6% in the first quarter.
In addition, the GDP elements were mixed as we can see private consumption dropped by 0.8% in the second quarter, more than the previous drop of 0.6% and also worse than expectations of 0.3% drop.
On the other hand, the government spending expanded by 1.1% from 0.8% in the first quarter, more than the expected drop of 0.1%. Furthermore, the gross fixed capital formation expanded by 1.7% from the revised previous drop of 2.8%, more than the expected drop of 1.0%.
The United Kingdom exports dropped by 1.3% from the previous expansion of 1.5% in the first quarter, and also more than the expected drop of 0.1%. In addition, U.K imports dropped by 0.3% from the prior drop of 2.9%, less than expectations of 1.0% drop.
Finally, the total business investments index expanded by 11.6% from the revised previous drop of 3.2% from 10.0%, while the annual index has also expanded by 3.8% from the revised prior drop of 6.7% from 2.7%.