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UK gross domestic product saw surprise second quarter growth, defying an earlier estimate and providing some much-needed good news for the economy, figures on Friday showed.
The UK economy is now estimated to have grown 0.2% in the second quarter from the first, according to the Office for National Statistics. This compares with a previous estimate that had indicated a 0.1% contraction.
Consensus, according to FXStreet, had not been expecting any revision to the figures.
This follows 0.8% growth in the first quarter from the final quarter of 2021.
On an annual basis, gross domestic product grew by 4.4% in the second quarter. This compares with a previous estimate of just 2.9%.
It is still a sharp slowdown from the 8.7% annual growth seen in the first quarter, however.
The second quarter GDP growth defies the Bank of England's prediction of a recession as early as the third quarter. The BoE last week said the UK economy will shrink 0.1% in the third quarter. Had it also declined in the second, it would have met a basic definition of a recession - being two successive quarters of economic decline.
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