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Financial News: UK Economy Expands As Estimated In Q2

UK Economy Expands As Estimated In Q2

08/24/2017 - 05:11:00 (RTTNews)

(RTTNews) - The UK economy expanded as initially estimated in the second quarter, the second estimate from the Office for National Statistics showed Thursday.

Gross domestic product increased 0.3 percent sequentially in the second quarter, unrevised from the preliminary estimate. The latest pace of growth was slightly faster than the 0.2 percent expansion posted in the first quarter.

On the production side, growth was driven by services, which grew by 0.5 percent. Meanwhile, total production declined 0.3 percent as manufacturing contracted 0.6 percent. Construction fell 1.3 percent, while farm output grew 0.4 percent.

The expenditure-side breakdown of GDP showed relatively strong growth in government spending and investment. However, there was a slowdown in both household spending and business investment.

Household spending grew only 0.1 percent, the weakest since the fourth quarter of 2014. At the same time, government spending advanced 0.6 percent.

Gross fixed capital formation climbed 0.7 percent. Within GFCF, business investment was broadly unchanged in the second quarter, the ONS said.

Imports of goods and services have increased 0.4 percent and 1.8 percent, respectively. Exports of goods increased 1.5 percent, but exports of services dropped 0.4 percent.

Year-on-year, GDP growth came in at 1.7 percent, in line with preliminary estimate.

Another report from ONS showed that the index of services increased 0.4 percent in June from May. The largest contribution to the month-on-month growth came from the transport, storage and communication sector.

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