In the second quarter, GDP added a seasonally adjusted 0.1% over the previous quarter, according to the final estimate released on 5 October. The reading was revised down from the previously reported 0.2% in both the preliminary and secondary estimates of the national accounts. Domestic demand remained subdued in the second quarter, mainly due to suppressed consumer spending. Government consumption accelerated from 0.8% in the first quarter to 1.1% in the second quarter, while fixed investment rebounded from a 2.8% contraction in the first quarter to a 1.7% expansion in the second quarter. On the other hand, private consumption continued to decline and fell 0.8% in the second quarter (Q1: -0.6% quarter-on-quarter). The contribution from private consumption to overall economic growth has now been negative for four consecutive quarters. Moreover, the contribution from net exports fell into negative territory for the first time since the third quarter of 2010. Exports of goods and services declined 1.3% in the second quarter (Q1: +1.5% qoq), while imports fell 0.3% (Q1: -2.9% qoq). As a result, the net contribution of the external sector to overall growth deteriorated from plus 1.4 percentage points in the first quarter to minus 0.3 percentage points in the second quarter. At the sector level, only growth in services remained positive in the second quarter, which increased 0.5% over the previous quarter (Q1: +0.9% qoq). The industrial sector contracted 1.6% in the second quarter while agriculture declined 1.3%.
United Kingdom GDP
GDP growth revised down as economy nearly stalls in Q2
October 5, 2011
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United Kingdom Economic News
October 21, 2016
Following nearly four months of little or no news regarding formal negotiations with the European Union, in early October, Prime Minister Theresa May finally shed some light on the Brexit timeline and announced that Article 50 of the Lisbon Treaty will likely be triggered before the end of March 2017.
October 19, 2016
In September, jobless claims increased by 700 from the previous month, according to the Office for National Statistics (ONS).
October 18, 2016
In September, consumer prices increased 0.2% from the previous month, which came in below the 0.3% increase seen in the previous month.
October 8, 2016
In August, industrial production contracted 0.4% over the previous month in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in July.
October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.