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- Revised U.K. GDP grows at 0.7% in the second quarter
Revised U.K. GDP grows at 0.7% in the second quarter
The Office for National Statistics (ONS) released its revised gross domestic product (GDP) data on Friday. The revised U.K. GDP expanded at 0.7% in the second quarter, in line with expectations and the preliminary reading, after a 0.4% rise in the first quarter.
The growth was driven by a rise in exports and business investment. Exports climbed 3.9% in the second quarter, while imports were up 0.6%.
Business investment jumped 2.9% in the second quarter.
Economists have said the increase trade might be temporary due to a stronger pound, which makes British products more expensive abroad.
On a yearly basis, the revised U.K. GDP rose 2.6% in the second quarter, in line with expectations and the preliminary reading, after a 2.9% gain in the first quarter.
The service sector climbed 0.7% in the second quarter.
Household spending rose 0.7% in the second quarter, after a 0.9% increase in the first quarter.
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