UK Q2 2019 GDP contracts by 0.2% (QoQ) and grows 1.8% (YoY); Services grows; Private Consumption falls

UK gross domestic product (GDP) in volume terms was estimated to have fallen by 0.2% in Q2 2019 compared to Q1 2019. Compared to Q2 2018, GDP grew 1.3% in Q2 2019.

Services provided the only positive contribution to growth in the output approach to GDP, with growth slowing to 0.1%.
Private consumption, government consumption and net trade contributed positively, while gross capital formation contributed negatively to GDP growth in Q2 2019.
Stockpiling due to the original Brexit Day in March 2019 provided a boost to GDP in Q1 2019, the increased stock levels were partly run down in Q2 2019.
Sectoral Growth
Sectoral Growth
The services sector output provided the only positive contribution to GDP growth in Q2 2019 at 0.1%, but the growth rate was slowest in 3 years.
Production output fell by 1.8% – the largest decline since Q4 2012. This was driven by a 2.8% fall in manufacturing output.

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