UK Economic Growth Revised to 0.7%

Economic growth in the UK during the second quarter of the year has been revised up to 0.7% by the Office for National Statistics (ONS).

The initial estimate, released in July, suggested gross domestic product (GDP) – the UK’s economic output – had risen by 0.6% from the previous quarter.

The ONS said the revision reflected small upward adjustments to the estimated output of several industries.

The data also showed that export demand played a major role in driving growth.

Compared with a year ago, GDP in the three months to June was 1.5% higher.

The latest revision adds to evidence that the UK economic recovery may finally be gaining momentum after almost four years of stagnation since the 2008-09 recession ended.

The 0.7% rate matches the pace recorded during the third quarter of 2012, when the economy was buoyed by the London Olympics, which was itself the fastest growth rate since 2010.

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.