UK Economy Surprises With Strongest Growth in More Than Year
- Figures indicate momentum that fans case for more rate hikes
- Manufacturing, construction and consumer spending all stronger
Manufacturing and construction output were both stronger than expected in June.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
The UK economy delivered its strongest quarterly growth in more than a year, a surprising show of resilience that will keep pressure on the Bank of England to raise rates further.
Gross domestic product rose 0.2% from the first quarter, the biggest increase since the start of 2022, the Office for National Statistics said Friday. The Bank of England had expected a 0.1% expansion. Output in June jumped 0.5%, more than double the 0.2% pace expected by economists.