UK GDP (gross domestic product) growth in the second quarter of 2008, fell to zero growth in volume terms compared with the previous quarter (revised down from the preliminary estimate of 0.2 per cent). The level of GDP is 1.4 per cent higher than the same quarter of 2007 - the weakest since 1992.
Gross domestic product was unchanged from the previous quarter, the Office for National Statistics said, compared with a previous estimate for growth of 0.2 percent. Economists had expected a 0.1 percent expansion. Growth was 1.4 percent from a year earlier, the weakest since 1992.
Earlier this month, the Bank of England had forecast that output would stagnate for the next year, and minutes of the monetary policy committee’s last meeting suggested fears of persistently high inflation could keep rates on hold for some time at 5 percent.
Between quarter one and quarter two of 2008:
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The volume of output in the production industries fell by 0.8 percent, within which manufacturing also fell by 0.8 percent. Output of the service industries increased by 0.2 percent.
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Construction output growth is estimated to have fallen by 1.1 percent.
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Household expenditure, in chained volume terms, fell by 0.1 percent; gross fixed capital formation fell by 5.3 percent.
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GDP at current market prices rose by 0.6 percent.
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Compensation of employees rose by 0.2 per cent; the gross operating surplus of corporations rose by 0.5 per cent
