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British GDP growth in Q2 unrevised at 0.7 pct

Xinhua, August 28, 2015 Adjust font size:

British gross domestic product (GDP) grew by 0.3 percent between the first quarter and the second quarter of 2015, unrevised from the previous as well as first estimate published a month ago, said the Office for National Statistics (ONS) Friday.

The quarterly growth pace was bigger than the 0.6 percent in the first quarter of 2014, and in line with the market expectation consensus. Britain's GDP has now increased for 10 consecutive quarters.

Data showed that British production output rose by 0.7 percent in Q2 2015 when compared to the previous quarter. Services and construction sector outputs increased by 0.7 percent and 0.2 percent respectively, while agricultural outputs decreased by 0.1 percent over the same period.

In expenditure terms, British household expenditure in Q2 2015 grew by 0.7 percent compared to the previous quarter. Government expenditure increased by 0.9 percent, but gross capital formation dropped by 5.2 percent, figures showed.

Business investment grew by 2.7 percent in Q2 2015, better than the previous quarter's increase of 2.0 percent. Exports and net exports grew by 3.9 percent and 0.6 percent respectively, data also showed. In terms of contribution to growth, net trade in Q2 lifted the economic growth by 1.0 percentage points.

Compared with the same quarter a year ago, British GDP was 2.6 percent higher in Q2, unrevised from the previous published estimate. The British economy increased by 3 percent in 2014 in its best result since 2006, data showed.

GDP per capita in volume terms was estimated to have increased by 0.5 percent between Q1 2015 and Q2 2015. Between 2013 and 2014, British GDP per head increased by 2.3 percent, said ONS.

The British statistics department releases three estimates for its quarterly GDP data. Endite