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Second quarter growth revised up
Tue, 07 Feb, 2012
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Second quarter growth revised up
Fri, 27 Aug 2010, 09:12:00
Britain's economy grew more than initially thought in the second quarter, new figures showed today. Gross domestic product grew by 1.2% during the three months to June, an even higher reading than the better than expected 1.1% growth reported for the period last month. The upward revision to 1.2% comes after a sharp upward revision of the construction output estimate. Production in the sector is now estimated to have grown by 8.5%, up from the previous estimate of 6.6%. Output in the services sector, which includes finance, transport and storage, was revised down to 0.7% in the quarter, still more than the 0.3% growth in the sector in the first quarter. Analysts remain nervous about the UK's economic prospects despite the strong growth figures for the second quarter. House prices have recently been showing signs of weakening in what may be more than a seasonal lull and consumer confidence is low. Last week former chair of the Office for Budget Responsibility Sir Alan Budd said he was 'not confident' Britain would avoid a double-dip recession.
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