The Office
for National Statistics (ONS) in the United Kingdom announced that the British
economy has grown by 0.7% in the second quarter, unrevised from the previously published estimate.
The expansion is supported by a 3.9 percent surge in exports, while imports increased by only 0.6%. Thus, the trade balance contributed 1 percentage point to the increase in gross domestic product.
Household final consumption expenditure increased by 0.7%, while the government final consumption expenditure increased by 0.9% in Quarter.
Business investments recorded most sensitive jump of more than a year, or 2.9 percent.
General economic growth continues to be led by the services sector, with expansion of 0.7%. Industry data were adjusted downward to indicate recovery of 0.7% instead of 1% earlier calculations.
The British economy is strengthening amid accelerating growth of wages, and analysts expect the Bank of England soon to announce that it is ready to take the increase in interest rates towards their current record low levels.
The expansion is supported by a 3.9 percent surge in exports, while imports increased by only 0.6%. Thus, the trade balance contributed 1 percentage point to the increase in gross domestic product.
Household final consumption expenditure increased by 0.7%, while the government final consumption expenditure increased by 0.9% in Quarter.
Business investments recorded most sensitive jump of more than a year, or 2.9 percent.
General economic growth continues to be led by the services sector, with expansion of 0.7%. Industry data were adjusted downward to indicate recovery of 0.7% instead of 1% earlier calculations.
The British economy is strengthening amid accelerating growth of wages, and analysts expect the Bank of England soon to announce that it is ready to take the increase in interest rates towards their current record low levels.
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