Wednesday’s preliminary estimate of the UK’s gross domestic product for the second quarter matched analysts’ estimates, but signalled that the expansion lost some momentum from the previous year. This reflected in the instant fall of the GDP/USD exchange rate, which was seen trading at 1.3028 just after the data were published. The Office for National Statistics reported that Britain’s GDP rose 0.3% in the June quarter as anticipated, while the yearly growth slowed from 2% to 1.7% in the same period. The UK services sector, which makes up the largest part of the economy, remained the main contributor to the growth, offsetting weakness in manufacturing and construction.
