The Gross Domestic Product (GDP) of the United Kingdom grew by 0.4% between April and June, which is two tenths less than in the first three months of the year, according to the initial estimates published this Thursday by the Office for National Statistics (ONS).
Thus, in the second quarter, the second largest economy in Europe reduced its growth rate compared to the previous quarter, although it accelerated its year-on-year growth rate to 1.2%, compared to the previous 0.9%, and also improved the monthly figure, which rose from 0.0% in May (revised figure) to 0.3% in June.
In the sector analysis, services recorded an increase of 0.5% in the second quarter, below the 0.8% observed in the previous period, while industrial production remained unchanged and construction grew by 0.2%, although it continues to be 2% lower than in the same quarter of the previous year.
Between April and June, household consumption increased by 0.3% compared to the previous quarter, in contrast to public administration spending, which decreased by 0.3% due to declines in the fields of health and education.
In this regard, the ONS indicates that the decline in public spending on education may be related to the closure of certain schools during the heatwave that affected a large part of the United Kingdom last June.
On the other hand, gross fixed capital formation increased by 1.2% in the second quarter, supported by increases in investments in information and communication technologies and in other machinery and equipment, with a particular emphasis on investment in hardware.