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UK GDP grows 0.7% in Q2, now 5.2% higher than pre-crisis peak

29 Jul 2015

Figures released yesterday by the Office for National Statistics (ONS) showed that the UK economy grew by 0.7% in the second quarter, compared with 0.4% in the previous quarter

The increase was driven by 0.7% increase in the services sector (about three-quarters of the economy), and an increase of 1% in production. Construction was flat, and agriculture was down by 0.7%

However, given the population growth over the seven years, GDP per head is still lower

Given that the economy has grown by at least 0.7% in five of the last six quarters, it seems the recovery is now well-established, underlined by the fact that wages and employment are also growing

Sterling also strengthened in anticipation of the UK being one of the first major economies to raise interest rates, albeit not perhaps until early 2016. The rise in sterling is also likely to be the main reason for the recent softness in the rate of increase in UK manufacturing, as it makes it harder to sell UK goods abroad

For the full ONS release see here


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