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UK Economy Picks Up Some Speed, Brexit Hurdles Ahead

Published on Aug 10 2018 1:00 PM in Retail tagged: Economy / UK / Brexit / ONS / Paywall / Office of National Statistics

UK Economy Picks Up Some Speed, Brexit Hurdles Ahead

Britain's economy picked up some speed in the second quarter after a sharp winter slowdown in early 2018 but lost momentum in June, underlining its stuttering performance ahead of Brexit in less than eight months' time.

Gross domestic product expanded 0.4 percent in the April-June period, as expected in a Reuters poll of economists, the Office for National Statistics said.

The economy's annual growth rate picked up slightly to 1.3 percent in the second quarter, only a touch above a nearly six-year low of 1.2 percent at the start of the year.

Quarterly growth in household spending quickened slightly to 0.3 percent from 0.2 percent in the first quarter, but stood only 1.1 percent higher than a year ago - the weakest annual increase since early 2012.

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