–UK Q2 Chain GDP unrevised 0.2% q/q; up 0.7% y/y
–UK Q2 Ind. production down 1.6% q/q; manufacturing down 0.5%
–UK Q2 Services output up 0.5% q/q; up 1.2% y/y
LONDON (MNI) – The UK economy expanded by an unrevised 0.2% on the
quarter in the second quarter, with revisions to the industrial
production and services data offsetting each other.
Industrial production was revised to down to show a fall of 1.6% on
the quarter, knocking 0.03 percentage point off quarterly GDP. Service
sector output, while unrevised at up 0.5% on the quarter on the rounded
numbers, added 0.03 percentage point on the unrounded ones, National
Statistics said.
With NS unable to produce its usual income and expenditure figures
for this second GDP estimate, due to a system overhaul, these latest
growth data added little to the initial estimate.
National Statistics reaffirmed its view that one effects that
hit growth in the second quarter, including the extra Bank Holiday for
the Royal Wedding and the supply side disruptions from the Japanese
earthquake, had subtracted around 0.5 percentage point from quarterly
GDP growth. NS warned, however, against “adding on” this growth – and
some of this may well not be recouped in Q3.
–London newsroom: 44 20 7862 7491; email: ukeditorial@marketnews.com
[TOPICS: MABDS$,M$B$$$,MT$$$$]