The second estimate of UK Q2 GDP confirmed that the British economy grew by 0.2% Q/Q in the April-June period, which was in line with expectations. Unfortunately, no breakdown was published due to ongoing methodological changes at the ONS.
The production-based details show only marginal adjustments compared to the first estimate. The production industry suffered more than previously estimated, contracting by 1.6% Q/Q (from -1.4% Q/Q), while the construction and services industry expanded by 0.5% Q/Q. As previously said, the ONS reiterated that special factors such as the additional holiday for the royal wedding, the after-affects of the tsunami in Japan and the record warm weather subtracted up to 0.5% Q/Q.