This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-23446056
The article has changed 9 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| UK economic growth rises to 0.6% in second quarter | UK economic growth rises to 0.6% in second quarter |
| (35 minutes later) | |
| The UK economy grew by 0.6% in the three months to June, according to official figures. | The UK economy grew by 0.6% in the three months to June, according to official figures. |
| The figure was in line with market expectations, and is up from 0.3% growth in the previous quarter. | The figure was in line with market expectations, and is up from 0.3% growth in the previous quarter. |
| Output grew in all of the construction, manufacturing and services sectors the Office for National Statistics said. | Output grew in all of the construction, manufacturing and services sectors the Office for National Statistics said. |
| It is the first estimate for growth during the second quarter of 2013, and is based on about 44% of actual data on economic activity. | |
| "These figures are better than forecast," said Chancellor George Osborne. "Britain is holding its nerve, we are sticking to our plan, and the British economy is on the mend - but there is still a long way to go and I know things are still tough for families." | |
| The figures mean that the economy has now recouped almost half of its total 7.2% contraction during the 2008-09 recession, with output remaining 3.3% below its pre-recession peak. | The figures mean that the economy has now recouped almost half of its total 7.2% contraction during the 2008-09 recession, with output remaining 3.3% below its pre-recession peak. |
| The growth figure reflects the seasonally-adjusted increase in output in the second quarter of the year, compared with the first quarter. Compared with the second quarter of 2012, gross domestic product grew by 1.4%. | |
| The services sector grew 0.6% in the three-month period, compared with the previous quarter, and was just 0.2% below the peak level it recorded in early 2008. | The services sector grew 0.6% in the three-month period, compared with the previous quarter, and was just 0.2% below the peak level it recorded in early 2008. |
| The sector is the largest component of the UK economy - constituting about 80% of output - and made the largest contribution to the overall growth figure. | |
| Construction bounced back 0.9%, but still remains 16.5% below its peak, while manufacturing was up 0.4%, but still 10.2% short of its pre-recession level. | |
| The growth figure was in line with market expectations, and share prices on the London Stock Exchange did not react to the news. | |
| However, the pound did drop just under half a cent against the dollar to $1.533, indicating that some market participants believed the data may support further monetary stimulus by the Bank of England. |