United Kingdom GDP Growth Revised Up to 0.7% in Q2

In Q2, UK's Gross Domestic Product grew by 0.7 percent, an upward revision of 0.1 percentage points from the previous estimate, and following growth of 0.3 percent in Q1 2013. The service sector continued to support growth, rising 0.6 percent and contributing 0.5 percentage points to GDP growth.

There were also upward contributions of 0.1 percentage points from the construction and production sectors. Household final consumption expenditure increased for the seventh consecutive quarter, growing by 0.4 percent. Net trade also contributed positively to GDP growth, as exports grew at a faster rate than imports during the quarter. 

There were also positive contributions from gross fixed capital formation and general government final consumption expenditure, which grew by 1.7 percent and 0.9 percent respectively. GDP remains 3.2 percent below its pre-downturn peak. 

By output, all four main industrial groupings: agriculture (1.7 percent), production (0.6 percent), construction (1.4 percent) and services (0.6 percent), increased in Q2 2013 compared with Q1 2013; the last time that all four industries experienced quarterly growth was in Q3 2010. 

United Kingdom GDP Growth Revised Up to 0.7% in Q2

ONS | Nuno Fontes | nuno@tradingeconomics.com
8/23/2013 10:00:24 AM