UK second-quarter growth unrevised at 0.7%

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The UK economy grew by 0.7 per cent in the second quarter of the year, the Office for National Statistics confirmed on Thursday.

The ONS’s third estimate of gross domestic product for the three months to June was unrevised from the second estimate, published in late August. Household consumption was weaker than thought, with growth at 0.3 per cent rather than 0.4 per cent as was previously thought.

The UK’s manufacturing and construction sectors, which have both fared worse than the dominant services sector in recent years, both grew by more than previously estimated.

Manufacturing output increased by 0.9 per cent, the highest amount since late 2010, against an earlier estimate of 0.7 per cent. Construction output rose by 1.9 per cent, revised up from a 1.4 per cent increase.

The households’ savings ratio was estimated at 5.9 per cent for the second quarter, up from 4.4 per cent in the first three months of the year. Business investment fell by 2.7 per cent, against an earlier estimate of an increase of 0.9 per cent.

Statisticians raised their forecast for growth in the first quarter from 0.3 per cent to 0.4 per cent, though their estimates for GDP in the second half of 2012 were revised down.

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