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British GDP growth 0.7 percent, going up for 10 consecutive quarters

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Staff writer ▼ | August 31, 2015
British workers
United Kingdom   The Office for National Statistics:

British gross domestic product (GDP) grew by 0.3 percent between the first quarter and the second quarter of 2015, unrevised from the previous as well as the first estimate that was published a month ago, said the Office for National Statistics (ONS).

Exports growth lifted the economic performance of the period. The quarterly growth pace was bigger than the 0.6 percent in the first quarter of 2014 Britain's GDP has now increased for 10 consecutive quarters.

Data showed that British production output rose by 0.7 percent in Q2 2015 when compared with the three months earlier. Services and construction sector outputs increased by 0.7 percent and 0.2 percent respectively, while agricultural outputs decreased by 0.1 percent over the same period.

In expenditure terms, British household expenditure in Q2 2015 grew by 0.7 percent when compared with the three months earlier. General government final consumption expenditure increased by 0.9 percent, but gross capital formation dropped by 5.2 percent, figures showed.

Business investment grew by 2.7 percent in Q2 2015, better than the previous quarter's increase of 2.0 percent. Exports and net exports grew by 3.9 percent and 0.6 percent respectively, data also showed. And in terms of contribution to growth, net trade in Q2 lifted the economic growth by 1.0 percentage points.

Compared with the same quarter a year ago, British GDP was 2.6 percent higher in Q2, unrevised from the previous published estimate. The UK economy increased by three percent in 2014, its best result since 2006, data showed.

GDP per capita in volume terms was estimated to have increased by 0.5 percent between Q1 2015 and Q2 2015. Between 2013 and 2014, British GDP per head increased by 2.3 percent, said ONS.


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