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Revised GDP (gross domestic product) data issued today
shows that the UK economy grew faster than originally estimated in Q2 2010, with
growth hitting a nine-year high, however, given the government's austerity
program, this pace of expansion is not expected to be maintained.
The
Office for National Statistics reported that the economy
grew by 1.2% in the three months to June, up from its first
estimate of 1.1%, after construction data was better than
first expected. On the year, the economy expanded 1.7% in
the second quarter -- 0.1 percentage points higher than the
ONS's first estimate.
Output of the production industries remained
unrevised at 1.0% in the latest quarter. Within production, manufacturing output
increased by 1.6%, but utilities output fell by 1.0%, and mining and quarrying
output fell by 0.4%. Construction output rose by 8.5%, revised up from 6.6% in
the previous estimate.
Output in the service industries was revised down
to 0.7% in the latest quarter, although up from growth of 0.3% in the previous
quarter. Growth this quarter was led by a rise of 1.5% in business services and
finance, offset by a fall of 2.2% in transport, storage and communications
services.
Household expenditure rose 0.7% compared with a fall of 0.1% in the first
quarter of 2010.
Government final consumption expenditure rose by 0.3% and is now 2.6% higher
than the second quarter of 2009.
Gross fixed capital formation fell 2.4% but remains 3.1% higher than the second
quarter of 2009.
Inventories rose by £1.0bn on the quarter.
In the second quarter of 2010 the trade deficit in real terms improved to £10.3bn from £10.4bn. Exports of goods and services rose 1.1% whilst
imports rose 0.9%.
The GDP implied deflator rose by 4.1% compared with the second quarter of 2009,
up from 2.9% in the previous quarter.
Compensation of employees at current prices rose by 0.7% in the latest quarter
and is 3.5% higher than the second quarter of 2009.
Total gross operating surplus of corporations rose by 1.4% and is 2.7% higher
than the same period last year.
