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GDP Growth Surprises at 0.2 per cent in Q2
In our previous GDP tracker, published on 13 July, we observed that monthly GDP fell by 0.1 per cent in May following growth of 0.2 per cent in April, driven by a fall in production output and no growth in the services sector. We estimated GDP to have flatlined in the second quarter of this year, though acknowledged that high inflation and borrowing costs jointly skewed risks to GDP to the downside. Today’s data suggest that monthly GDP grew by 0.5 per cent in June, driven both by a weakerthan-normal May performance due to the extra bank holiday, as well as stronger-than-expected growth in production and ... (full story)