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News : UK Economy Last Updated: Sep 26, 2013 - 4:10 PM

UK economic growth of 0.7% in the second quarter confirmed
By Finfacts Team
Sep 26, 2013 - 1:40 PM

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The UK economy grew by 0.7% in the second quarter of 2013, the Office for National Statistics (ONS) confirmed on Thursday.

The ONS’s third estimate of GDP (gross domestic product) for the three months to June was unrevised from the second estimate, published in late August. GDP in current prices was estimated to have increased by 0.4% between Q1 2013 and Q2 2013, unrevised from the estimate published 23 August 2013. Between Q4 2012 and Q1 2013, GDP in current prices increased by 1.1%.

Household final consumption expenditure increased by 0.3% between Q1 2013 and Q2 2013 - the seventh consecutive quarter on quarter increase - revised down from the 0.4% increase published 23 August 2013.

The households’ saving ratio was estimated to be 5.9% in Q2 2013 and 4.4% in Q1 2013.

Goncalo de Vasconcelos, founder of the business crowdfunding specialists SyndicateRoom, comments: "The UK economy is up and running - but it has a serious Achilles' heel.

"Business and consumer confidence are back, but falling levels of business investment could stop the recovery in its tracks.

"The confirmation that GDP grew by 0.7% in the second quarter is an apparent vindication of the equity market's bullish view. Yet much of the recovery is being fired by credit-fuelled consumer demand and rising house prices. So the revelation that business investment fell by £786 million in the same period is a real worry.

"Britain's economy may be roaring again - but there's a real risk it could prove a paper tiger. For the recovery to be sustained, businesses need sustained investment. Our brightest and best SMEs need access to capital in order to expand to meet growing demand.

"The high street banks frequently cannot, or will not, lend to growing businesses, and the institutional investors who once backed promising start-ups are frequently staying away.

"The one ray of hope is that interest from smaller, private investors is surging. Fed up with the paltry returns offered by savings accounts, many are investing in business via crowdfunding platforms. Rarely has their collective desire to make a profit - and back British business - been more crucial."

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