Second-quarter UK growth steady at 0.7%
28 August 2015
From the section Business
UK economic growth for the second quarter of the year was unrevised at 0.7%, official figures have shown.
The initial figure released in July was boosted by a sharp rise in oil and gas production.
As expected, the Office for National Statistics (ONS) on Friday made no change to the reading for the three months to June.
It was higher than the 0.4% growth recorded for the first quarter of the year.
Net trade boosted GDP by one percentage point in the second quarter – the biggest contribution from trade in four years – as exports jumped.
Economists have said the boost to trade might be temporary, because the persistent strength of sterling is making British goods more expensive abroad, while turmoil in Chinese financial markets has increased uncertainty about the global outlook.
Business investment rose 2.9% compared with the first three months of 2015 – the highest figure in a year.
Samuel Tombs, senior UK economist at Capital Economics, said the figure “put paid to the idea that uncertainty about the general election would weigh on capital expenditure”.
Source:: BBC UK