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UK annualised Q2 GDP revised lower to 2.4%

FXStreet (Mumbai) - The UK Office for National Statistics (ONS) released today showed the economy expanded 0.7% quarter-on-quarter in Q2 as estimated.

The year-on-year GDP was revised lower to 2.4% from the previous estimate of 2.6%. The second quarter growth rate was also an improvement on the disappointing 0.4 per cent rate recorded in the first three months of 2015.

The July index of services printing in line with estimates at 0.2%, with the previous figure revised higher to 0.65 from 0.5%.

The report is slightly negative, given the downward revision of the year-on-year growth rate even though the quarter-on quarter figure stayed unchanged.

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