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UK Economy Grows at Fastest Annual Pace in Over Six Years in Second Quarter

UK Economy Grows at Fastest Annual Pace in Over Six Years in Second Quarter

LONDON, (Reuters) – Britain’s economy kept up its strong growth in the second quarter of 2014 and its yearly pace of expansion was revised up to 3.2 percent, its best performance in more than six years, official data showed on Friday.

Gross domestic product expanded by 0.8 percent in the April-June period, as reported in preliminary data last month and the same pace as in the first three months of the year.

Compared with the second quarter of last year, the economy expanded by 3.2 percent, up slightly from an estimate of 3.1 percent in the preliminary reading.

That was the fastest yearly growth since the end of 2007, the Office for National Statistics said.

Economists in a Reuters poll had expected quarterly growth of 0.8 percent and a yearly expansion of 3.1 percent.

The ONS said the upward revision of the yearly growth rate was due to a performance by the construction sector that was stronger than assumed at the time of the preliminary estimate. 

Read more at Reuters

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