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UK DATA: Details of the UK Q2-24 GDP Revision

UK DATA
CEEMEAData BulletBulletUKGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • Services has been revised down to +0.6%Q/Q from +0.8%Q/Q in Q2-24. Biggest revisions were from "Professional Scientific and Technical Activities", "Administrative and Support Service Activities", "Finance and Insurance Activities" and "Human Health and Social Work Activities". This was partly offset by an upward revision to "Information and Communication." 10/14 subsectors grew in Q2-24.
  • Production was also revised down 2 tenths to -0.3%Q/Q from -0.1%Q.Q. This was largely due to a further downward revision to transport equipment manufacturing. The ONS notes that "output has reduced while factories have been repurposing to prepare for increased electric car manufacturing, and also that temporary supply chain issues have restricted commercial vehicle production."
  • Construction has been revised down a tenth to -0.2%Q/Q from -0.1%.
  • On the expenditure side, consumption was unrevised at +0.2%Q/Q, government spending revised down to +1.1%Q/Q from +1.4%Q/Q, gross fixed capital formation revised up to +0.6%Q/Q from +0.4% (with business investment now estimate at +1.4%Q/Q from -0.1%Q/Q). The non-gold trade deficit was revised to 1.4% of GDP from a deficit of 1.9%.
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  • Services has been revised down to +0.6%Q/Q from +0.8%Q/Q in Q2-24. Biggest revisions were from "Professional Scientific and Technical Activities", "Administrative and Support Service Activities", "Finance and Insurance Activities" and "Human Health and Social Work Activities". This was partly offset by an upward revision to "Information and Communication." 10/14 subsectors grew in Q2-24.
  • Production was also revised down 2 tenths to -0.3%Q/Q from -0.1%Q.Q. This was largely due to a further downward revision to transport equipment manufacturing. The ONS notes that "output has reduced while factories have been repurposing to prepare for increased electric car manufacturing, and also that temporary supply chain issues have restricted commercial vehicle production."
  • Construction has been revised down a tenth to -0.2%Q/Q from -0.1%.
  • On the expenditure side, consumption was unrevised at +0.2%Q/Q, government spending revised down to +1.1%Q/Q from +1.4%Q/Q, gross fixed capital formation revised up to +0.6%Q/Q from +0.4% (with business investment now estimate at +1.4%Q/Q from -0.1%Q/Q). The non-gold trade deficit was revised to 1.4% of GDP from a deficit of 1.9%.