UK Economy Emerges From Six-Year Downturn

Official figures show the UK economy has emerged from six years of lost growth to return to its pre-crisis peak.

The Office for National Statistics (ONS) said Britain's economy was now bigger than it was before the financial crisis as gross domestic product (GDP) expanded by 0.8% in the second quarter of the year.

The performance matched that of the previous quarter, although today's figure is only a first estimate and subject to revision.

It meant that on an annual basis, growth was 3.1% higher than was measured in the same period last year, leaving total output 0.2% higher than in the first quarter of 2008 - its previous peak.



The measure of GDP per head - taking account of a growing population and weaker productivity - remains below the peak.

In its April to June calculations, the ONS charted 1% quarter-on-quarter growth in the service sector - which accounts for 75% of total UK GDP - while industrial production rose 0.4%.

However both construction and agriculture made negative contributions of 0.5% and 0.2% respectively. Both were hit by the effects of a very wet winter and spring.

Sassy wrote:Yes, great news, National Debt up, trade figures down, people on zero hours contracts or part time work, bloody fantastic.

Didge wrote:

Sassy wrote:
Yes, great news, National Debt up, trade figures down, people on zero hours contracts or part time work, bloody fantastic.

The national debt was made by Labour, when they fucked up over the banking crises, it will take decades to resolve

Unemployment down, economy recovering all good news to most people unless you are an extremist leftie!