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UK GDP Growth – Economy grows by 1.2% in Q2 2010

UK Office for National Statistics: GDP increased by 1.2 per cent in the second quarter of 2010, revised up from 1.1 per cent. GDP in the second quarter of 2010 is now 1.7 per cent higher than the second quarter of 2009. Output of the production industries remained unrevised at 1.0 per cent in the latest quarter. Within production, manufacturing output increased by 1.6 per cent, but utilities output fell by 1.0 per cent, and mining and quarrying output fell by 0.4 per cent. Construction output rose by 8.5 per cent, revised up from 6.6 per cent in the previous estimate. Output in the service industries was revised down to 0.7 per cent in the latest quarter, although up from growth of 0.3 per cent in the previous quarter. Growth this quarter was led by a rise of 1.5 per cent in business services and finance, offset by a fall of 2.2 per cent in transport, storage and communications services. Household expenditure rose 0.7 per cent compared with a fall of 0.1 per cent in the first quarter of 2010. Government final consumption expenditure rose by 0.3 per cent and is now 2.6 per cent higher than the second quarter of 2009.”

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