UK Growth Revised Upwards to 3.2%

The UK economy grew by 3.2% in the second quarter compared with the same period last year, slightly higher than the original 3.1% estimate.

But the Office for National Statistics’ second estimate of growth in the April-to-June period left the quarter-on-quarter figure unchanged at 0.8%.

The construction sector performed better than previously assumed.

The figures confirm the UK economy saw its best economic performance for six years and has passed its 2008 peak.

The services sector – which accounts for around 78% of UK economic activity – grew 1% in the second quarter, the ONS added.

In June alone the services sector expanded by 0.3%. compared with May. The annual growth rate in the sector, 3.6%, was also its best performance in just over six years.

The ONS preliminary estimate is based on about 40% of UK economic activity. The second estimate gives a more complete picture of economic growth.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza