The U.K. reported better than expected growth for Q2, showing continued resilience in the face of rate hikes.
Chancellor Hunt said that British growth can exceed that of Germany, France, and Italy if the government sticks to its plans.
U.K.’s Q2 GDP 0.2% qtr/qtr (expected 0.0%; last 0.1%); 0.4% yr/yr (expected 0.2%; last 0.2%).
Q2 Business Investment 3.4% qtr/qtr (expected 0.8%; last 3.3%); 6.7% yr/yr (expected 8.1%; last 5.8%).
June Construction Output 1.6% m/m (last -0.3%); 4.6% yr/yr (expected 1.9%; last 0.2%).
June Industrial Production 1.8% m/m (expected 0.1%; last -0.6%); 0.7% yr/yr (expected -1.1%; last -2.1%).
June Manufacturing Production 2.4% m/m (expected 0.2%; last -0.1%); 3.1% yr/yr (expected 0.3%; last -0.6%).
June trade deficit GBP15.46 bln (expected deficit of GBP16.40 bln; last deficit of GBP18.41 bln)