UK economy unexpectedly grows by 0.3% in June, ONS says

London: Britain's economy unexpectedly grew in ​June with gross ​domestic rising by 0.3%, official ​data showed on Thursday.

Economists polled by Reuters had forecast zero growth in month-on-month terms compared with May.

For ‌the second ⁠quarter - ⁠covering the three months to the end of ​June - the economy grew by 0.4%, the Office for ​National Statistics said. The Reuters poll had pointed to a 0.4% expansion from the first ​three months of the ⁠year.


Also Read: Ford to move production of some Lincoln models from China to US

The second ‌quarter covered a period ​in British ​politics marked by uncertainty over the ⁠grip on power of Keir Starmer ​who eventually resigned as prime minister ​in July.

Britain's new Prime Minister Andy Burnham has said his government will do what it can to lower costs for business against the backdrop of a "difficult ‌financial outlook" and he has also pledged to address the cost of ​living for ​households.

Also Read: Samsung, SK Hynix rally as Temasek investment report lifts chip stocks

The impact ⁠of the Iran war is expected to slow growth in the remainder of the year as ​rising energy prices weigh on companies and hit household budgets.

However, a recent business survey showed some growth momentum remained among services firms in July.