UK GDP grows by 0.2 percent in 2nd Quarter. | CountingPips Forex & Currency Trading Blog

July 25, 2008 - Forex Economic News

UK GDP grows by 0.2 percent in 2nd Quarter.

The U.K. Gross Domestic Product grew by 0.2 percent in the second quarter of 2008 according to a report released by the Office of National Statistics today.

Pound sterling - forex trading. The U.K. GDP growth failed to surpass this year's first quarter expansion of 0.3 percent as manufacturing, construction and total production declined in the quarter and posted the lowest GDP growth since the first quarter of 2005. The U.K. GDP grew at an annual rate of 1.6 percent over last year's second quarter following up the first quarter annual growth rate of 2.3 percent.

The GDP numbers posed no surprises to market forecasts which were right on line with predictions of 0.2 percent quarterly growth and 1.3 percent annual growth. Total production output declined in the second quarter by 0.5 percent with construction output falling by 0.7 percent and manufacturing output falling by 0.4 percent. Construction and manufacturing output had each grown by 0.4 percent in the first quarter while total production output had fallen by 0.2 percent in the first quarter. Total services output increased in the second quarter by 0.4 percent with transport, storage and communication providing a boost with a 2.2 percent rise in the three month period.

tags: uk gdp, economic growth, production

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