UK’s GDP Grows by 0.7%

The U.K.’s gross domestic product (GDP) grew by 0.7 percent in the second quarter of 2015, according to preliminary official data, meeting expectations.

This included a stronger contribution from industrial production, but the services sector is still driving much of the U.K.’s growth, with an 0.7 percent rise. Construction was flat during the quarter amid uncertainty about house prices ahead of May’s election.

The slight rise from first-quarter GDP growth of 0.4 percent is unlikely to sway the Bank of England’s rate-setting committee from its current cautious path on rate rises. Economist Gertjan Vlieghe, a former assistant to Mervyn King, Mark Carney’s predecessor as governor, will join the MPC in September, replacing David Miles, the bank said Tuesday.


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