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26.09.2013 09:45

U.K. Q2 growth confirmed at 0.7%

The U.K. economy expanded 0.7 percent sequentially in the second quarter as estimated in August, final data from the Office for National Statistics showed Thursday.

However, the first quarter growth was revised up ">Further, the statistical office said gross domestic product expanded 1.3 percent in the second quarter from a year ago, which was revised down from the previously estimated 1.5 percent.

Another report showed that household spending increased by 0.3 percent in the second quarter but still remains 2.8 percent below the peak of spending in the fourth quarter of 2007.

In a separate communique, the ONS said the current account deficit narrowed to GBP 13 billion in the second quarter from a revised deficit of GBP 21.8 billion in the first quarter.

The ONS today said business investment decreased by GBP 786 million or 2.7 percent quarter-on-quarter to GBP 28.7 billion in the second quarter.

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