UK GDP Annual Growth Rate Revised Down to 1.3% in Q2


In Q2, United Kingdom's economy expanded 1.3 percent year-on-year, revised down by 0.2 percentage points. Growth was driven by services output which has increased on an annual basis in every quarter since Q2 2010, whereas production output has been contracting on the same basis in each quarter since Q2 2011.

Service industries output increased 2.1 percent, unrevised from the previous estimate and up from 0.6 percent in Q1. Production output contracted by 0.7 percent, less than previously estimated (-0.8 percent) and construction grew 0.5 percent, revised up from -0.5 percent.

All service industries experienced positive annual growth. Financial and insurance activities increased by 1.9 percent (revised up from 1.6 percent), public administration, defence and social security rose 1.0 percent (down from 1.5 percent) and distribution, hotels and catering output expanded 4.2 percent (previously 4.3 percent).

In contrast, most production sectors experienced negative growth with the exception of water and sewerage which increased by 2.0 percent. Extraction was down 4.1 percent, electricity, gas and air output fell 0.7 percent and manufacturing decreased 0.4 percent. Agriculture output fell 3.3 percent.

UK GDP Annual Growth Rate Revised Down to 1.3% in Q2


ONS | Nuno Fontes | nuno@tradingeconomics.com
9/26/2013 10:05:37 AM