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UK economy grows 0.7% in Q2

by ChemOrbis Editorial Team -
  • 30/09/2015 (15:00)
According to data from the UK’s Office for National Statistics (ONS), the country’s economy grew 0.7% in the second quarter of this year, steady from the office’s previous estimate. The growth in the economy was driven by stronger trading activities. The UK’s economy posted its tenth consecutive expansion on a quarterly basis in the April-June period.

The ONS downwardly revised the country’s business investment growth to 1.6% from 2.9% in the second quarter while the data also showed that exports rose 1.9% in the same period.

Meanwhile, the UK may increase interest rates on the back of the ongoing expansion in the economy, although the country’s current inflation rate is still below the Bank of England’s (BOE) target of 2%. According to the BOE, the UK may increase rates in the second quarter of next year; however for now, concerns about the persistently slowing Chinese economy and the tepid global recovery are encouraging the bank to keep rates at a record low of 0.5%.
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