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UK economic growth expands 0.6% in Q2

by ChemOrbis Editorial Team -
  • 26/08/2016 (17:19)
According to data from the UK’s Office for National Statistics (ONS), the country’s economy grew 0.6% on a seasonally adjusted basis in the second quarter of this year, steady from the second estimate as expected. The U.K.’s economic growth expanded 0.4% in the first quarter.

On a yearly basis, the UK’s economy grew 2.2% in the second quarter in line with analysts’ estimates. The country’s economic growth posted an annualized increase of 2.0% in Q1.

The growth in the economy was driven by the services sector and the manufacturing sector which grew 0.5% and 1.8%, respectively.

Meanwhile, the country’s business investment unexpectedly grew 0.5% on a seasonally adjusted basis in the second quarter in contrast to estimates that it would fall 0.8% following a 0.6% drop in the first quarter. On a yearly basis, it fell 0.8% in Q2 from estimates it would decline 1.4% after a 0.6% decrease in Q1. The increase in business investment was attributed to spending on transportation vehicles by companies. On the other hand, investment in Q2 could not achieve the same level as last year.

The British economy may be affected by the Brexit-vote over the long term due to ongoing uncertainty about the outlook and this situation will affect employment and business investment, according to chief UK economist of IHS Markit Howard Archer.
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