United Kingdom: GDP continues to expand at a healthy pace in Q2, preliminary estimate shows
July 25, 2014
In the second quarter of 2014, GDP expanded a seasonally-adjusted 0.8% over the previous quarter according to a preliminary estimate released by the Office for National Statistics (ONS) on 25 July (Q1: +0.8% quarter-on-quarter). The reading was in line with market expectations. In annual terms, GDP grew 3.1%, which was up from the 3.0% expansion recorded in the first quarter and marked the strongest expansion since Q4 2007.
The ONS provided a breakdown of GDP growth by sector, which showed that the expansion came on the back of stronger performance of the services sector. The agricultural and construction sectors, conversely, tallied contractions in Q2. Industry continued to expand in Q2, although at a more moderate pace.