UK Q2 GDP revised higher as net trade boosts economy

clock

The UK economy grew by 0.7% in the second quarter of 2013, a higher than previously estimated figure, according to latest figures from the Office for National Statistics.

The ONS attributed the rise, up from a previous estimate of 0.6% growth, to "small upwards revisions" across a number of industrial groupings. Net trade was responsible for 0.3 percentage points of the headline figure, suggesting the weaker pound helped boost UK economic performance over the period. The better-than-expected figures meant sterling continued the upwards trend exhibited earlier this morning, rising to $1.5633 against the dollar. Employee compensation rose by 2.4% on the quarter, the highest figure since Q3 2000, though this partly reflected "unusually high" bonus paym...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

More than half of IFAs feel negative about a potential Labour govt

More than half of IFAs feel negative about a potential Labour govt

Advisers favour Conservatives when it comes to their clients and business

Isabel Baxter
clock 09 May 2024 • 2 min read
Elections and advice: Planning in political and legislative uncertainty

Elections and advice: Planning in political and legislative uncertainty

‘It should not be based on speculation, always plan on current legislation’

Isabel Baxter
clock 08 May 2024 • 3 min read
'Discussion-worthy stuff': Chinese assets under pressure

'Discussion-worthy stuff': Chinese assets under pressure

China has an 18% share of global GDP and only a 3% MSCI ACWI weighting

Chris Justham
clock 02 April 2024 • 2 min read