Mubasher: The UK gross domestic product (GDP) for the second quarter of this year declined by 0.2% compared to the prior quarter, the UK’s Office for National Statistics (ONS) said on Monday.

First quarter GDP growth was upwardly revised to 0.6%, from 0.5%.

On an annualised basis, UK GDP rose by 1.3% in the three-month period ended last June, down from 2.1% in the three-month period ended last March.

The services sector was the only positive contributor in the second quarter, even if its growth slowed to 0.1%.

In addition, private consumption, government consumption and net trade activity supported growth, whereas gross capital formation was a drag on GDP growth.

“Headline GDP remained unrevised in the latest quarter with the economy contracting, partly due to a fallback in manufacturing following the UK’s originally planned EU departure date,” the ONS's head of national accounts Rob Kent-Smith said.

By 9:13 am GMT, the GBP/USD pair rose by 0.26% to $1.12324, while the EUR/GBP fell by 0.32% to GBP 0.8869.