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UK GDP Growth For Quarter 2 at 0.7%

28th July 2015

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Bang in line with expectations, we have just seen the latest  Q2 GDP figures which show that the UK economy grew by 0.7%, following on from a 0.4% growth in Q1.

Services and production led the way, growing 0.7% and 1% respectively, though disappointingly construction growth was flat.

These figures are 2.6% higher than the same quarter last year.

Andrew Montlake, Director at Coreco Mortgage Brokers commented, “Whilst these figures were bang on expectations, it was disappointing to see construction once again struggling, especially when we need a strong construction sector to, amongst other things, help build the number of homes required to meet demand in the UK.

“Overall however, this growth will put more pressure on the Bank of England’s Monetary Policy Committee, (MPC) to at least start the engine in preparation for interest rate rises in the near future. The next MPC meeting will be very interesting.”

The full GDP figures are here.

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Andrew Montlake

About Monty

Andrew Montlake, Director and Spokesperson for Coreco, gives his honest and forthright views on the mortgage market, economy and all things property related. Monty was voted "Mortgage Personality of the year 2008", "Best Press Spokesperson" in 2011 and is the current holder of the British Mortgage Awards “Best Marketeer” title. Expect expert analysis, delivered in a down to earth style with a side helping of exuberance.