UK GDP up estimated 0.2% in Q2 2023; growth driven by production rise

The Q1 GDP rise is now estimated to be 0.3 per cent, revised up from a previous estimate of 0.1 per cent.

Growth across all quarters of last year remains unrevised. UK GDP is now estimated to have increased by 4.3 per cent in 2022, revised from a first estimate of 4.1 per cent.

The Q2 growth was driven by a 1.2 per cent increase in the production sector, where there were increases in nine out of the 13 sub-sectors. This reflects falling input prices across the quarter relieving some pressure on manufacturers, ONS said in a release.

The household saving ratio grew by 9.1 per cent in the latest quarter, up from 7.9 per cent in Q1 2023, with income growing more than expenditure.

Real households' disposable income grew by 1.2 per cent in Q2 2023 following no change in the previous quarter.

ALCHEMPro News Desk (DS)