UK economy grew by 0.4% in June on stronger services and construction output – business live

Live, rolling coverage as surprise GDP acceleration in June helps quarterly output beat expectations, but economists expect ‘subdued’ autumnStronger-than-expected GDP figures have not helped the FTSE 100 very much this morning: London’s main stock market index dropped 0.3% in the first few minutes of trading on Thursday.That is bucking the trend across most of Europe’s big companies. Here are the opening snaps for European indices, via Reuters:EUROPE’S STOXX 600 UP 0.09%GERMANY’S DAX UP 0.08%FRANCE’S CAC 40 UP 0.19%SPAIN’S IBEX UP 0.33%EURO STOXX INDEX UP 0.18%; EURO ZONE BLUE CHIPS UP 0.22%GDP growth was slightly higher than forecast, recording 0.4% in June owing to stronger-than-expected growth in services and construction. The economy therefore grew by 0.3% in the second quarter.Despite this positive surprise, we expect growth to remain subdued in the third quarter of this year as uncertainty over fiscal policy and international trade continues to weigh on economic activity. Continue reading...

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