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The UK economy has improved by 1.2 per cent an unexpected climb than estimated 1.1 per cent growth. This is a remarkable growth when compared with last two years actual growth. Here's the report on the recovery for our members.
via: UK Economy Growth
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UK economy grew 'more than first thought'
The UK economy grew by more than initially thought in the second quarter of 2010, boosted by a strong performance by the construction sector.
The economy grew by 1.2% in the quarter, the Office for National Statistics (ONS) said, revising up its initial estimate of 1.1% growth.
That was the fastest rate of quarterly expansion recorded since the first three months of 2001.
But most economists do not expect this level of growth to continue.
The first estimate of gross domestic product (GDP) is usually revised twice at monthly intervals.
Meanwhile, the US Commerce Department revised down its growth estimate for the second quarter.
It now says the US economy grew at an annual rate of 1.6%, down from its first estimate of 2.4%.
Federal Reserve chairman Ben Bernanke has responded, laying out four "unconventional" policy options to boost the US economy.
Top of the list is more "quantitative easing" - mass purchases of debt.
'Positive' effect
The ONS said construction output grew by 8.5% in the second quarter, up from a previous estimate of 6.6%.
Aileen Simkins from the ONS said the overall effect in the quarter had been "very positive".
But one area that suffered a big fall was air transport, which fell 11%.
Ms Simkins said the fall in air transport reflected the effect in April of the ash cloud as well as the British Airways strike.
A spokesman for the Treasury said: "While the government is cautiously optimistic about the path for the economy, the job is not yet done.
"The priority remains to implement the Budget policies which support economic rebalancing and help ensure the sustained growth that the Office for Budget Responsibility forecast this year and next."
The UK economy grew by more than initially thought in the second quarter of 2010, boosted by a strong performance by the construction sector.
The economy grew by 1.2% in the quarter, the Office for National Statistics (ONS) said, revising up its initial estimate of 1.1% growth.
That was the fastest rate of quarterly expansion recorded since the first three months of 2001.
But most economists do not expect this level of growth to continue.
The first estimate of gross domestic product (GDP) is usually revised twice at monthly intervals.
Meanwhile, the US Commerce Department revised down its growth estimate for the second quarter.
It now says the US economy grew at an annual rate of 1.6%, down from its first estimate of 2.4%.
Federal Reserve chairman Ben Bernanke has responded, laying out four "unconventional" policy options to boost the US economy.
Top of the list is more "quantitative easing" - mass purchases of debt.
'Positive' effect
The ONS said construction output grew by 8.5% in the second quarter, up from a previous estimate of 6.6%.
Aileen Simkins from the ONS said the overall effect in the quarter had been "very positive".
But one area that suffered a big fall was air transport, which fell 11%.
Ms Simkins said the fall in air transport reflected the effect in April of the ash cloud as well as the British Airways strike.
A spokesman for the Treasury said: "While the government is cautiously optimistic about the path for the economy, the job is not yet done.
"The priority remains to implement the Budget policies which support economic rebalancing and help ensure the sustained growth that the Office for Budget Responsibility forecast this year and next."
via: UK Economy Growth
It'll keep up, the recession isn't as bad as people make it out to be. Part of it can be blamed on people hoarding money instead of actually using it.