UK second quarter GDP grew by 0.7%

The preliminary GDP for the second quarter in the UK grew by 0.7% compared to a 0.4% growth in the first quarter. The other key points include:

• Output increased in 2 of the main industrial groupings within the economy in Quarter 2 (Apr to June) 2015. Services increased by 0.7% and production increased by 1.0%. Construction growth was flat. In contrast agriculture decreased by 0.7%.

• GDP was 2.6% higher in Quarter 2 (Apr to June) 2015 compared with the same quarter a year ago.

• In Quarter 2 (Apr to June) 2015, GDP was estimated to have been 5.2% higher than the pre-economic downturn peak of Quarter 1 (Jan to Mar) 2008. From the peak in Quarter 1 (Jan to Mar) 2008 to the trough in Quarter 2 (Apr to June) 2009, the economy shrank by 6.0%.

• The preliminary estimate of GDP is produced using the output approach to measuring GDP. At this stage, data content is less than half of the total required for the final output estimate. The estimate is subject to revision as more data become available, but these revisions are typically small between the preliminary and third estimates of GDP.

• All figures in this release are seasonally adjusted.

The full GDP report can be found here.