UK Economy Shocks Pound Currency!

<p>&nbsp;Britain is not expected to post growth in the second quarter of 2023, supported by higher household consumption.</p><p><br /></p><p>Data released by the Office for National Statistics (ONS) revealed the UK economy beat expectations by growing 0.2% last quarter.</p><p><br /></p><p>This was better than expectations for zero growth following a 0.1% expansion in the first quarter.</p><p><br /></p><p>Meanwhile in June the economy grew stronger by 0.5% following the contraction in May, and better than the 0.2% projected.</p><p><br /></p><p>It showed a stronger economic performance than the previous month, although overall it was still weak.</p><p><br /></p><p><br /></p><p>Output was supported by growth of 1.6% in manufacturing and 0.7% in production in the second quarter, while services rose by 0.1%.</p><p><br /></p><p>In addition, the ONS also said that resilience in spending by households is also supporting the growth.</p><p><br /></p><p>However, the UK remains a 'weak' economy among the rest of the G7 countries.</p><p><br /></p><p>The pound's initial reaction saw the currency jump to touch 1.2722 against the greenback as soon as the data was published.</p>