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UK economic growth picks up in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 28/07/2015 (14:12)
According to data from the Office for National Statistics (ONS), the UK’s economic growth gained speed in the second quarter of 2015. The country’s gross domestic product (GDP) increased 0.7% in the April-June period in line with economists’ preliminary estimates, according to data released by the ONS. The increase was attributed to stronger services as well as significant growth in oil and gas production.

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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