UK Second-Quarter GDP Growth Revised Up to 0.5% on Stronger Services Output

Britain's economy grew 0.5% in the second quarter, the Office for National Statistics said Wednesday, revising up its earlier 0.4% estimate, though growth still slowed from 0.6% in the first quarter. The upgrade was driven by professional, scientific and technical services. Services output rose 0.6%, versus the prior 0.5% estimate; construction expanded 0.8% while production fell 0.1%. Real household disposable income per head rose 1.0% after a 0.8% first-quarter decline. "The economy is now slightly larger than previously estimated," said ONS economic statistics director Liz McKeown. Quilter Cheviot's Richard Carter said growth "remains difficult to come by" amid high borrowing costs, inflation and a cooling labor market, with the outlook more uncertain after recent energy price and borrowing cost increases. Chancellor John Healey unveils the budget on 28 October, pledging fiscal discipline.