UK Economic Growth Accelerates in Q2

UK GDP grew by 0.6 percent in the second quarter from the previous three months, in line with expectations and double the 0.3 percent expansion in Q1. While services were the biggest contributor to the growth; agriculture, production and construction also expanded during the period.
ONS | Nuno Fontes | 7/25/2013 11:55:57 AM
The services industries contributed that most to expansion, growing by 0.6 percent and contributing 0.5 percentage points to growth.

There was also an upward contribution of 0.08 percentage points from production, which grew by 0.6 percent. The growth within the industry was largely due to manufacturing, which increased by 0.4 percent following contractions in six of the previous seven quarters.

Construction also made a positive contribution to GDP, growing by 0.9 percent in Q2 2013, following a fall of 1.8 percent in the previous quarter.

This is the first time, since Q3 of 2010 that the three major industry groups (production, construction and services) have all had a positive contribution to quarterly GDP.

On a year over year basis, UK economy expanded 1.4 percent. 

UK Economic Growth Accelerates in Q2