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UK GDP rises 0.8% to above 2008 high

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UK GDP rises 0.8% to above 2008 high

UK GDP rose 0.8% in the second quarter of the year or 3.1% over the last 12 months according to the first estimate of growth, taking the UK economy 0.2% above the previous peak it hit in 2008.  

The figure, which was in-line with a Reuters poll of economist’s expectations, was powered by a 1% increase in service sector output over the quarter and a 0.4% increase in industrial production.  

‘The economy has now shown significant growth in six consecutive quarters and the long climb back to the pre-crisis peak of 2008 has at last been completed,’ said Office for National Statistics chief economic adviser Joe Grice.

Output in the construction sector fell 0.5% however and in the agricultural sector by 0.2%.

The figures followed an upgraded IMF growth forecast for the UK, rising 0.4% to 3.2% for 2014 and 0.2% to 2.7% in 2015.   

‘The strength of manufacturers’ and construction firms’ order books in Q2 signalled by the business surveys points to a stronger performance in the coming months,’ said Samuel Tombs, senior UK economist at Capital Economics.

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