Britain's economy picked up only slightly in second quarter

Britain's economy picked up only slightly in the second quarter, expanding by 0.3 percent between April and June compared with the paltry 0.2 percent of the first three months of the year.

The Office of National Statistics said Wednesday that flagging industrial production and construction output dragged on growth.

Economists have been downgrading their forecasts for Britain's economy as the country embarks on the process of leaving the European Union.

Professional services firm PwC expects GDP to grow by 1.5 percent in 2017, revising down a previous estimate of 1.6 percent growth.

Dennis de Jong, managing director at brokerage, says Britain appears to be heading toward "unsavory levels of inflation and business conditions are struggling amidst heightened Brexit uncertainty."