UK GDP Grows by 2.9% in Q2 Year-on-Year, Above Forecasts – OMS

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Gross Domestic Product (GDP)
Gross Domestic Product (GDP)

The UK economy grew by 2.9% in the second quarter of 2022 compared with the same period last year, with the monthly GDP shrinking by 0.6% in June, the Office for National Statistics (ONS) said on Friday.

“The level of quarterly GDP in Quarter 2 2022 is now 0.6% above its pre-coronavirus level (Quarter 4 (Oct to Dec) 2019), and 2.9% higher than Quarter 2 2021,” the ONS said in a fresh first quarterly estimate.

The 0.6% fall in monthly GDP in June can be attributed to fewer working days that month, due to two extra holiday days in June to celebrate the Queen’s jubilee.

Analysts interviewed by US-based portal DailyFX expected UK quarterly GDP to rise by only 2.8% year-on-year.

The UK’s total production output slightly shrank in June compared to May, still showing better results than anticipated by experts.

“Production output fell by 0.9% in June 2022, driven by a contraction of 1.6% in manufacturing, with widespread falls in 10 of the 13 manufacturing sub-sectors,” the OMS said.

In quarterly calculations, production output rose by 0.5% in the three months to June, resulting from growth in electricity, gas and air conditioning supply, along with water supply and sewerage.

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