UK GDP Growth Confirmed at 0.7%
The British economy expanded 0.7 percent on quarter in the three months to June of 2015, higher than a 0.4 percent increase in the previous period and in line with preliminary estimates. It is the tenth consecutive quarter of growth, driven by a surge in business investment and exports.
Figures from the final estimate showed gross fixed capital formation increased a higher-than-expected 1 percent (0.9 percent in the second estimate).
The trade balance deficit narrowed to £7.6 billion in Quarter 2 2015 (£9.1 billion in the second estimate) from £14.0 billion in Quarter 1 2015. Following a 1.2 percent decrease, exports increased by 1.9 percent in the latest quarter (3.9 percent in the second estimate), while imports decreased by 2.7 percent (0.6 percent rise in the second estimate) following a 0.6 percent increase in Quarter 1 2015.
Household final consumption went up 0.8 percent (0.7 percent in the second estimate) and has increased for 16 consecutive quarters. The largest increase came from recreation and culture.
Government expenditure rose 0.4 percent (0.9 percent in the second estimate), following a 1.1 percent increase in Quarter 1.
Year-on-year, the economy expanded 2.4 percent, lower than 2.6 percent previously reported.
9/30/2015 12:47:53 PM