We look at what new GDP and labour market statistics tell us about the economy.
UK GDP grew ahead of expectations in Q2 2023, thanks in part to a strong performance in June, underlining the resilience of the economy during the first half of 2023 in the face of rising prices and interest rates. A slowdown in the rate of inflation will support household incomes and spending during the second half of the year, but the economy is likely to remain stuck in a low gear as the impact of the higher interest rates continues to feed through. With wage growth and measures of core inflation high, further rate rises are likely.
Summer’s brief appearance boosted activity in June…
GDP grew by 0.5% m/m in June (versus consensus expectations of 0.2%), a surprisingly strong result, which followed a slight contraction in May (-0.1%). The production sector was the main driver of growth, thanks to a 2.4% jump in manufacturing output (-0.1% in May), led by the autom
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