U.K. Q2 Annual Economic Growth Rev. Up To 3.1%, Expands 0.8% Sequentially

Sep 26, 2007 - The U.K. economy expanded 3.1% annually in the second quarter, revised up from 3.0% estimated earlier, the latest report from the Office of National Statistics, or ONS, showed Wednesday. Compared to the first quarter, the economic growth stood at 0.8%. The sequential growth number was left unrevised from the initial estimate.

The total volume of output in the production industry climbed 0.7% in the second quarter, within which manufacturing output rose 0.8%. The report said within manufacturing, the largest growth were witnessed in transport equipment and paper, printing and publishing. Services output increased 0.9% in the second quarter, slightly smaller that the 1.0% growth seen in first quarter.

Gross domestic expenditure improved 0.6% in the second quarter. Meanwhile, gross fixed capital formation dropped 0.9%. The trade deficit narrowed to 10.3 billion pounds in the second quarter from 10.8 billion pounds in the previous quarter.