By The U.K. economy demonstrated remarkable strength in the second quarter, affirming previous estimates. However, recent revisions to the preceding quarter’s figures suggest that the economy might be successfully enduring pressures stemming from high inflation and a cost-of-living crisis.
According to data released on Friday by the Office for National Statistics, gross domestic product (GDP) expanded by 0.2% from April to June when compared to the previous three-month period. These figures align with preliminary estimates. However, upon revision, growth in the first quarter was adjusted upward to 0.3% from the previously reported 0.1%.
Economists surveyed by the Wall Street Journal had also anticipated a 0.2% on-quarter growth in the second quarter.
The Office for National Statistics highlighted that the increase in the second quarter was fueled by industrial production, which saw a significant jump of 1.2% on quarter. This figure was revised up from the previously estimated increase of 0.7%.
While the U.K. faces challenges posed by high inflation and a cost-of-living crisis, these latest figures suggest that the economy is holding its ground.
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