UK Economy Shocks Pound Currency!

thecekodok

 Britain is not expected to post growth in the second quarter of 2023, supported by higher household consumption.


Data released by the Office for National Statistics (ONS) revealed the UK economy beat expectations by growing 0.2% last quarter.


This was better than expectations for zero growth following a 0.1% expansion in the first quarter.


Meanwhile in June the economy grew stronger by 0.5% following the contraction in May, and better than the 0.2% projected.


It showed a stronger economic performance than the previous month, although overall it was still weak.



Output was supported by growth of 1.6% in manufacturing and 0.7% in production in the second quarter, while services rose by 0.1%.


In addition, the ONS also said that resilience in spending by households is also supporting the growth.


However, the UK remains a 'weak' economy among the rest of the G7 countries.


The pound's initial reaction saw the currency jump to touch 1.2722 against the greenback as soon as the data was published.