• UK GDP growth in Q2 2015 confirmed at 0.7%, but Q2 annual growth was revised down from 2.6% to 2.4%
  • Services and consumer spending were the main growth drivers in Q2
  • The current account deficit fell sharply from £24.0bn in Q1 to £16.8bn in Q2, mainly due to a narrowing of the deficit on the trade account
  • Business investment has risen by 1.6% in Q2 2015

Commenting on the GDP and current account figures published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce said:

“Today’s figures are pleasing as they confirm that the UK economy grew at a satisfactory pace in the second quarter of the year. It is also pleasing that business investment is confirmed to have grown on both a quarterly and an annual basis.

“While the figures also show a significant improvement in the current account and trade figures, there is no room for complacency. We know from other figures published by the ONS that the trade deficit has increased in July, and all the signs are that the improvements in Q2 may be short-lived, with a likely worsening in the trade and current account figures in Q3.

“Overall, the UK recovery is progressing, but the economy remains unbalanced, and our external position remains precarious. It is also important not to take risks with our economic growth prospects, so the MPC must persevere with low interest rates until well into 2016.”