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Friday, August 27, 2010

UK Economic Growth Revised Upward

Marketwatch details:
The British economy grew slightly faster than previously estimated in the second quarter, with gross domestic product expanding by 1.2%, the Office for National Statistics reported Friday.

The ONS had previously estimated second-quarter GDP growth of 1.1%. Compared to the second quarter of last year, GDP grew by 1.7% versus a previous estimate of 1.6%. A survey of economists by Dow Jones Newswires had forecast no revisions to the data.

The growth marks the strongest quarter-on-quarter rise for British GDP in nine years.

Construction output was revised to show an 8.5% quarterly rise, up from a previous estimate of 6.6%. Output by production industries rose by an unrevised 1%.

Services output was revised down to show 0.7% growth, but still accelerated from 0.3% growth in the first quarter.

Source: Stats.UK