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GDP rises by 1.2%

GDP increased by 1.2% in the second quarter of 2010, according to the Office for National Statistics.

GDP in the second quarter of 2010 is now 1.7% higher than the second quarter of 2009.

Output of the production industries remained unrevised at 1% in the latest quarter. Within production, manufacturing output increased by 1.6% but utilities output fell by 1%, and mining and quarrying output fell by 0.4%.

Construction output rose by 8.5%, revised up from 6.6% in the previous estimate.

Household expenditure rose 0.7% compared with a fall of 0.1% in the first quarter of 2010.

Government final consumption expenditure rose by 0.3% and is now 2.6% higher than the second quarter of 2009.

Jeremy Cook, chief economist at World First, says: “Looking behind these figures it is evident that while the UK recovery has started it is still very embryonic. Some concern will come from the 0.7% increase seen in private consumption, this is likely to fall as austerity measures begin to bite come October. Government spending will naturally fall when the spending review is done as well, so it is very clear that while this is a welcome surprise it is likely the best we will see for a while.”

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