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23/07/2010
UK Economy Grows By 1.1%
The UK economy grew by 1.1% in the second quarter of the year, according to the latest figures from the Office for National Statistics.
The preliminary figure is almost double the 0.6% growth rate forecast by City experts and the fastest growth in four years. It compares to growth of just 0.3% in the first three months of the year.
The growth mainly came from the services sector, which makes up around three-quarters of the economy, although there was also a large contribution from the construction industry, which increased at its fastest pace since 1963.
Transport and communications was the only sector to see a fall - a decrease of 0.7% due to the impact of the volcanic ash cloud in Iceland in April.
(KMcA)
The preliminary figure is almost double the 0.6% growth rate forecast by City experts and the fastest growth in four years. It compares to growth of just 0.3% in the first three months of the year.
The growth mainly came from the services sector, which makes up around three-quarters of the economy, although there was also a large contribution from the construction industry, which increased at its fastest pace since 1963.
Transport and communications was the only sector to see a fall - a decrease of 0.7% due to the impact of the volcanic ash cloud in Iceland in April.
(KMcA)
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