UK GDP growth slowed in Q2 but showed more resilience than expected – London Business News | London Wallet

UK GDP growth decelerated to 0.3% in Q2, down from 0.7% in Q1.

Although a slowdown was widely anticipated, this was not as strong as initially feared.

Among the components of GDP, business investment was a key contributor to slower growth, reflecting the headwinds of increased costs and heightened uncertainty faced over the spring. Household consumption growth also slowed on the quarter, with tourist spending having a notable downward effect.

Looking ahead, Cebr expects the UK economy to expand at a similar pace for the rest of the year.