Data suggest British economic recovery gaining momentum
AFPLONDON -- Britain's economy grew by more than previously thought in the second quarter, official data showed on Friday, extending the nation's broad-based recovery.
August 24, 2013, 12:00 am TWN
Gross domestic product (GDP) — the total value of goods and services produced in the economy — grew by 0.7 percent in the second quarter, the Office for National Statistics said in a statement.
That marked an upgrade from the initial estimate of 0.6-percent expansion. Growth was seen across all sectors of the economy, with small upward revisions across manufacturing, construction and parts of services.
Second-quarter GDP growth has more than doubled from the 0.3-percent expansion that was witnessed in the first three months of 2013.
The economy expanded by 1.5 percent in the second quarter, or three months to the end of June, compared with the equivalent period in 2012, the ONS added. That was also up from the previous estimate of 1.4 percent.