The UK looks set to remain the fastest growing economy in the G7 despite a slowdown in growth.
The latest figures from the Office for National Statistics showed growth in gross domestic product of 0.3% in the three months to the end of June, down from 0.7% in the first quarter of the year.
However, the new stats on growth are still better than what was expected. City economists and the Bank of England had forecast the economy would grow by 0.1% in the second quarter. The better-than-expected figures were largely thanks to 0.4% expansion in June.
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And despite the slowdown in growth, which comes amid pressure from tax increases and Donald Trump’s terrible tariffs, it looks like the UK will remain the fastest growing economy in the G7.
So, the British economy continues to outpace Trump’s America in terms of growth.
Economist Simon French said in a post on X: “Decent UK GDP growth in June – and revisions higher to April – meaning UK GDP of +0.3% in Q2. UK currently the fastest growing G7 economy in H1 at an annualised rate of 2.2%.”
Meanwhile, the BBC’s economic editor Faisal Islam wrote: “On the basis of the whole first half of this year, so Q1 & Q2, the UK is likely to still be the fastest growing G7 economy.”
Maybe things aren’t all as bad as they seem.