The ONS has warned that there has been a “notable slowdown” in the economy following the publication of the second quarter GDP figures. The UK economy has grown by 0.3% between April to June 2017, but construction and manufacturing growth is negative compared to the previous quarter.
Darren Morgan from the ONS said:
“The economy has experienced a notable slowdown in the first half of this year. While services such as retail, and film production and distribution showed some improvement in the second quarter, a weaker performance from construction and manufacturing pulled down overall growth”.
Philip Hammond, the Chancellor of the Exchequer, welcomed the economic growth but added:
“We need to focus on restoring productivity growth to deliver higher wages and living standards for people across the country”.
John McDonnell, the Shadow Chancellor, said in a statement:
“Growth for the first half of 2017 is below expectations, and it follows continued data showing working families are being squeezed with wages not keeping up with prices. The truth is that the Tories’ austerity cuts have undermined working people’s living standards and weakened the UK economy”.
The data summary is available at the ONS web-site.