UK Q2 growth surprises on upbeat performance of industrial, services sector

The United Kingdom gross domestic product during the second quarter remained upbeat following robust performance in the industrial and services sector of the country. Also, growth remained more than what markets had estimated.

The UK economy grew by 0.6 percent in the second quarter of the year after analysts had expected Q2 economic growth to come in at 0.4 percent, data released by the Office for National Statistics showed Wednesday.

Construction output decreased 0.4 percent in the second quarter of 2016, following a decrease of 0.3 percent in the first quarter, according to the official data. However, service sector activity rose by 0.5 percent in the second quarter. Industrial production was very strong at 2.1 percent.

In addition, the ONS noted that the preliminary estimate of the GDP used only half the information required for the final figure. The new figures include data from the three months ending June 30, with the referendum having taken place on June 23.

Meanwhile, according to a report from Reuters, Philip Hammond, the new Finance Minister, reiterated on Wednesday that both the government and the central bank would take "whatever action is necessary to support our economy".