Q2 GDP rise of 1.2% confirmed for UK

According to the ONS, the economy was particularly boosted by growth in the construction sector, where output was up 9.5%. Meanwhile, business services and finance saw output up 1%, although transport, storage & communications continued to suffer, down 1.5%. Jeremy Cook, chief economist at World First, comments: "The figure is still very reliant on a 9.5% increase in construction spending, a phenomenon that will not be replicated in Q3, so a drop in growth is almost inevitable at the next reading. "While the likelihood of a double-dip recession has lessened, it has by no means been...