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Revised GDP data paints weaker picture for UK economy

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Staff Writer | September 28, 2018
UK economic growth was confirmed at 0.4% for the second quarter but first-quarter growth was revised down by the Office for National Statistics on Friday.
Britain   Business investment fell by 0.7% in the second quarter
Releasing a second estimate for GDP that was unchanged from the first, the Office for National Statistics also provided more details on the composition of growth, which showed that business investment was revised down sharply.

Business investment fell by 0.7% in the second quarter and has now fallen in each quarter of the year so far.

Growth in household spending was revised up to 0.4% from 0.3% but net trade exerted a large drag of 0.6 percentage points on overall GDP growth.

Growth was driven by the services sector, which increased by 0.6%, following relatively subdued growth of 0.3% in the first quarter.

First-quarter growth was revised to 0.1% from 0.2% after more comprehensive VAT turnover data was incorporated into the calculations, painting a weaker picture for construction output.