UK economic growth picks up in Q2
ONS reportedly stated that the country’s economic output per person finally reached the peak it had attained in 2008 before the global economic crisis.
The data showed that the country’s output in the second quarter was 2.6% higher than the same period of 2014, in line with economists’ expectations. The UK’s services output grew 0.7% year over year in the second quarter. However, factory output declined 0.3% on the year, posting the first decrease in over two years. Nonetheless, North Sea oil and gas production lifted overall industrial output by 1%. The mining and quarrying segment of industrial output, meanwhile, increased 7.8% on the year, posting its biggest jump since 1989.
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