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News : UK Economy Last Updated: Aug 27, 2010 - 2:19:13 PM


Revised data shows UK GDP growth hit a a nine-year high in Q2 2010
By Finfacts Team
Aug 27, 2010 - 9:31:07 AM

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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.

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