UK Q2 preliminary GDP +0.6% vs +0.6% q/q expected

• Prior +0.7%
• GDP +0.9% vs +0.9% y/y expected
• Prior +0.3%

Looking at the breakdown, household consumption contributed +0.12%, government consumption +0.30%, and gross capital formation +2.38% on the quarter. That is partially offset by a fall in net trade (-2.20%). Overall, it still points to a solid showing in Q2 for the UK economy. And that has allowed the BOE to stave off rate cuts all the way until earlier this month.

This article was written by Justin Low at www.forexlive.com.