UK Q2 2017 final GDP at 0.3% q/q versus 0.3% expected

The UK GDP third estimate confirmed that the pace of growth in the UK economy slowed in the second quarter of this year.

The report showed that the GDP figures came in at 0.3% q/q in the second quarter of 2017, revised higher from 0.2% seen in the previous readout, while matched expectations.

While on an annualized basis, the growth rate decelerated to 1.5% in Q2, missing the consensus forecasts of 1.7% and 1.7% last (revised down from 2.0%).

Key Points from ONS:

UK Private and government consumption, net trade contributed possitively to Q2

UK Service activity growing at slower quarterly rate than 2nd half of 2016

UK Service activity drove growth in Q2

Separately, the UK current deficit data surprised to the downside, widening by GBP -23.18 billion versus an increase of GBP -16.00 billion expected and GBP 22.26 billion (revised higher from-16.89 billion) last.