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    28.08.2015 09:12 Revised U.K. GDP grows at 0.7% in the second quarter

    The Office for National Statistics (ONS) released its revised gross domestic product (GDP) data on Friday. The revised U.K. GDP expanded at 0.7% in the second quarter, in line with expectations and the preliminary reading, after a 0.4% rise in the first quarter.

     

    The growth was driven by a rise in exports and business investment. Exports climbed 3.9% in the second quarter, while imports were up 0.6%.

     

     

    Business investment jumped 2.9% in the second quarter.

     

     

    Economists have said the increase trade might be temporary due to a stronger pound, which makes British products more expensive abroad.

     

     

    On a yearly basis, the revised U.K. GDP rose 2.6% in the second quarter, in line with expectations and the preliminary reading, after a 2.9% gain in the first quarter.

     

     

    The service sector climbed 0.7% in the second quarter.

     

     

    Household spending rose 0.7% in the second quarter, after a 0.9% increase in the first quarter.


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