Overview

• Official figures leave second-quarter GDP growth unrevised at 0.3% after 0.7% in Q1, putting first-half expansion at 1.0%.
• Services output rose 0.4% and construction about 1% in Q2, while production fell by a revised 0.8%.
• In expenditure terms, growth was supported by government consumption and gross fixed capital formation, with little growth in household spending.
• Household disposable income per person ticked up 0.2% and the saving ratio increased to 10.7%, pointing to cautious consumers.
• ONS revised the quarterly path for 2024 but kept annual growth at 1.1%, as PwC nudged its 2025 forecast to 1.3% and separate data showed Q2 business investment down 1.1% quarter on quarter.