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UK economy grows by 0.6% - Q2 2013


The latest figures from the Office for National Statistics (ONS) show that the UK economy experienced growth of 0.6pc in the three months leading up to June.

The previous quarter showed economic growth of 0.3pc, and the new figures are said to be in line with forecasts. The service sector has been credited with the largest input to economic growth, while output grew in all construction, manufacturing and production sectors too.

These preliminary figures indicate that the economy has now recouped almost half of the 7.2pc that was lost from the peak GDP in Q1 2008, to the trough that was witnessed at the start of the recession in 2008/09. It is now estimated that the GDP is just 3.3pc below that peak.

In total the services sector grew by 0.6pc in Q2 2013, meaning it is now just 0.2pc below the peak level of Q1 2008. Production also rose by 0.6pc, with manufacturing following with 0.4pc growth, after a period of negative growth in Q1 2013. Finally, production grew by 0.9pc, recovering from Q1 2013 where output was at the lowest level since Q1 2001.

Despite this, services still offered the most significant growth overall due to the size of the industry, contributing a total of 0.48 percentage points of the total 0.6pc GDP growth.

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