UK Q2 GDP growth revised up to 0.5%, pound rises to $1.3259

(1) Revised data shows that the UK economy grew faster than expected in the second quarter, indicating that the UK economy remained resilient before the recent surge in energy prices and borrowing costs. (2) The Office for National Statistics said on Wednesday that the UK economy grew by 0.5% quarter-on-quarter in the three months to June, higher than the previously released preliminary figure of 0.4%. The growth rate for the first quarter was 0.6%. (3) The report confirms that the UK economy performed much better than expected in the first half of this year; although the Middle East war has once again triggered inflationary pressures, there are signs that consumers continued spending during the summer. (4) After the data was released, the pound extended its gains, rising 0.2% to $1.3259. (5) Liz McKeown, Director of Economic Statistics at the Office for National Statistics, said: "The strengthening of service sector growth in the latest quarter means the size of the economy is now slightly larger than previously estimated."