UK GDP Annual Growth Revised Down

The British economy expanded 2.4 percent year-on-year in the second quarter of 2015, compared to 2.6 percent earlier reported and marking the lowest growth rate in seven quarters. All expenditure components grew less than previously estimated.
ONS | Joana Taborda | 9/30/2015 10:46:48 AM
Household final consumption expenditure was 3.1 percent higher in Quarter 2 2015 than in the same period a year ago (compared to a 3.3 percent increase in the second estimate) and government expenditure increased a slower-than-expected 1.6 percent (1.9 percent in the second estimate). 

Gross fixed capital formation expanded 3.4 percent, down from 4.9 percent earlier reported while business investment increased a slightly higher 5.5 percent (5 percent in the second estimate).

Exports went up 2.9 percent, instead of an 8.1 percent jump previously reported while imports rose 1.4 percent, down from 5.9 percent in the second estimate.

The statistical office changed the base year and reference year for the chained volume estimates to 2012 from 2011, resulting in GDP revisions. The annual growth rate for the first quarter of the year was also revised down to 2.7 percent from 2.9 percent. 

On a quarterly basis, the economy expanded a seasonally adjusted 0.7 percent, in line with earlier estimates and marking the tenth consecutive quarter of growth.

UK GDP Annual Growth Revised Down