The British economy remains worst performing in the EU, with growth picking up by merely 0,1% in the second quarter of 2017. Going from 0,2% in the first quarter to 0,3% in the second quarter, the British economy is experiencing its weakest first half since 2012.

The Bank of England was anticipating 0,5% growth in the second quarter, on the assumption that exports would compensate for weaker domestic consumption, Reuters reports.

The news published by the Office for National Statistics on Wednesday did not thrill markets. The uplift in growth comes almost exclusively from a buoyant film industry of the ever resourceful British service sector. Consumption in the UK has been decelerating, taking the wind out of the sails of an economy very much boosted by retail consumption until 2016. And construction is already decelerating, despite record low monetary policy and an ongoing housing crisis.

Consumption in the UK has been decelerating, taking the wind out of the sails of an economy very much boosted by retail consumption until 2016. And construction is already decelerating, despite record low monetary policy and an ongoing housing crisis.

Inflation was in the region of 2,6% in June, down from 2,9% in May, largely due to a rapid depreciation of the pound since the Brexit vote. Despite full employment levels, wages have not caught up and consumption has felt the dent.

The International Monetary Fund downgraded growth projections for the UK on Monday from 2% to 1.7% for 2017. That is slightly under 1,8% the spring European Commission projections, which were however founded on fewer data. A Bloomberg Economists survey estimates that growth will be more likely in the region of 1,6% in 2017.

The pound continues to slide against weak GDP growth data.