GDP Growth Comes in Soft in June............>

UK DATA: GDP Growth Comes in Soft in June

-UK Jun GDP +0.1% m/m; +1.3% y/y; +1.4% 3m y/y

-UK Jun Index of Services Flat m/m; +1.3% y/y

-UK Jun Index of Production +0.4% m/m; +1.1% y/y

-UK Jun Manufacturing +0.4% m/m; +1.5% y/y

-UK Jun Construction +1.4% m/m; +2.2% y/y

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On a monthly basis, GDP grew by just 0.1% m/m in June, following 

growth of 0.3% m/m in May and 0.2% m/m in April. Explaining the soft 

result was a quiet services performance, despite the sector all but 

driving GDP growth in Q2. Continued maintainance work at key pipelines 

meant that the bulk of the rise in IOP output was provided by the 

manufacturing sector and specifically the exports of pharmaceuticals. 

The construction sector made up for lost work earlier in the year 

following up May's 2.9% m/m rise in work with a 1.4% expansion.