GBP News 

UK GDP growth slows in June despite second quarter pickup

“The agency reported that over the three months to June GDP growth picked up, helped by the good weather” writes Ben Chu for The bank had argued that the GDP growth hit was temporary, whereas the ONS has pointed to signs of an underlying slowdown.The trade deficit widened, meaning that net trade was a considerable drag on overall GDP growth, having boosted it slightly in the first quarter.But the annual growth rate of 0.8 per cent was the weakest in a year and a half. Last month the ONS started producing a monthly UK GDP estimate as well as its quarterly updates on growth in order to give a more timely steer on the direction of the economy.

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