UK Economy Expands More Than Initially Thought in Q2


In Q2, UK's GDP in volume terms increased by 1.5 percent when comparing with Q2 of 2012, revised up by 0.1 percentage points from the previously published estimate. Growth was driven by services which increased 2.1 percent.

Service industries output has increased in every quarter compared with the same quarter a year ago since Q2 2010, whereas production output has been contracting on the same basis in each quarter since Q2 2011. In Q2, construction output decreased by 0.5 percent and production was down 0.8 percent.

All service industries experienced positive growth. Financial and insurance activities increased by 1.6 percent, public administration, defence and social security rose 1.5 percent and distribution, hotels and catering output expanded 4.3 percent.

In contrast, most production sectors experienced negative growth with the exception of water and sewerage which increased by 2.5 percent. Extraction was down 4.3 percent, electricity, gas and air output fell 0.8 percent and manufacturing decreased 0.6 percent. 

UK Economy Expands More Than Initially Thought in Q2


ONS | Nuno Fontes | nuno@tradingeconomics.com
8/23/2013 9:53:23 AM