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UK economic growth boost
There was positive news yesterday regarding the UK economy. The release of the initial estimate of gross domestic product (GDP) revealed that the economy had grown by 0.7% in the second quarter of this year. This compared to 0.4% for the first three months of the year and was the tenth consecutive quarter of expansion. Compared to 12 months earlier the economy has grown 2.6%.
The Office for National Statistics (ONS) also revealed that the pick-up in growth now takes the UK economy back above its pre-crisis level in terms of GDP per head. This, along with negligible inflation and a stronger labour market should hopefully provide further confidence to the UK population.
One negative from the data released yesterday however was that economy still remains unbalanced. Economic growth remains dominated by the services sector which accounted for around 0.5% of the 0.7% growth during the second quarter.
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