Economic Growth Revised up to 3.2%- UK

The UK economy grew by 3.2% in the second quarter compared with the same period last year, slightly higher than the original 3.1% estimate.

 

But the Office for National Statistics' second estimate of growth in the April-to-June period left the quarter-on-quarter figure unchanged at 0.8%.
The construction sector performed better than previously assumed.

The figures confirm the UK economy saw its best economic performance for six years and has passed its 2008 peak. 

The services sector - which accounts for around 78% of UK economic activity - grew 1% in the second quarter, the ONS added.

In June alone the services sector expanded by 0.3%. compared with May. The annual growth rate in the sector, 3.6%, was also its best performance in just over six years.
The ONS preliminary estimate is based on about 40% of UK economic activity. The second estimate gives a more complete picture of economic growth.

Output in production grew 0.3% in the quarter, but agriculture contracted 0.2%. 

Construction was flat in the period but this was an improvement on the original estimate that it had contracted by 0.5%. On an annual basis construction was estimated to have expanded by 4.8%. 

Construction accounts for 6.3% of economic activity in the UK.