UK economic growth at 0.7%

New official estimates from the Office for National Statistics (ONS) show that the UK economy grew at a rate of 0.7% in the three months to June 2015.

This was a marked improvement on the 0.4% growth shown in the previous quarter, and the 10th consecutive quarter of sustained economic improvement.

The ONS report shows that the service industry grew by 0.7% and production increased by 1%. There was no change in construction industry output, but agriculture decreased by 0.7%.

According to the ONS: ‘The 0.7% increase in GDP growth in Quarter 2 implies that GDP per head would be broadly equal to the pre-economic downturn peak in Quarter 1 2008’.

The figures show that the economy is 5.2% higher than its pre-crisis peak.

Joe Grice, Chief Economist at the ONS, said: ‘After a slowdown in the first quarter of 2015, overall GDP growth has returned to that typical of the previous two years’.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s