The UK economy expanded at one of the slowest paces of growing G20 economies in the second quarter of 2017

Josh Jacobs
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The UK economy is one of the slowest growing in the G20 (Source: Getty)

The UK economy had one of the slowest rates of growth among the G20 in the second quarter of 2017, new data has shown.

The country’s GDP grew at 0.3 per cent, compared to 0.2 per cent in the first quarter. It's an improvement on the first quarter of the year, when the UK's economic growth put it at the bottom of the G7 table. Year-on-year growth was up 1.7 per cent.

Across the G20 economies, GDP grew at an average pace of 0.9 per cent in the second quarter of 2017, compared with 0.8 per cent in the previous quarter, according to estimates released today by the Organisation for Economic Co-operation and Development (OECD).

The results of the UK’s comparatively slow growth came as the Bank of England decided to keep its interest rates at a record low of 0.25 per cent, during the September meeting of its Monetary Policy Committee.

Growth picked up considerably in Turkey, which had the highest quarterly growth among any G20 economy, rising to 2.1 per cent in the second quarter from 1.3 per cent in the first quarter. In China, real GDP growth went from 1.3 per cent to 1.7 per cent and in the United States from 0.3 per cent to 0.8 per cent.

In Indonesia, France and Italy, growth remained stable. It slowed significantly in Brazil (to 0.2 per cent from one per cent) and Korea (to 0.6 per cent from 1.1 per cent), and also weakened in Germany and Mexico (to 0.6 per cent from 0.7 per cent in both states), the data shows.

Year-on-year GDP growth for the G20 zone as a whole increased to 3.6 per cent, from 3.4 per cent.

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