UK DATA: Q2 GDP Revised Up On Production, Construction
-Q2 GDP revised up to -0.4% q/q; -0.5% y/y from -0.5% q/q; -0.5% y/y
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UK economic growth was revised slightly higher in the second quarter,
with the household spending not falling by as much as previously
reported, figures from National Statistics showed Thursday. The figures
don’t really add much more to the policy debate but does put growth more
in line with the latest forecasts from the Bank of England who had been
forecasting stronger than initially estimated growth in Q2. One chink of
light came from a 1.9% rise in real household disposable income, the
largest since Q2 2009, although this came from a strong rise in state
benefits which looks odd against a backdrop of spending cuts. GDP was
revised up to show a fall of 0.4% on the quarter, compared with the
previous estimate and median forecast of a 0.5% decline. Compared with
Q2 last year, growth remained unrevised at 0.5%.