ONS data show UK Q2 GDP final rose 0.5% QoQ, revised up from a preliminary 0.4%;
Q1 was 0.6%. H1 output was notably stronger than expected. Growth displayed
resilience prior to recent rises in energy prices and borrowing costs. The
Middle East conflict has renewed upward pressure on inflation, but consumer spending
Spending firm remained over the summer. ONS said stronger services growth leaves
the economy slightly larger than previously estimated. The ONS added the outlook
has deteriorated in recent weeks and firms and households are likely to face
increased pressure in H2.
