• Quarterly GDP growth in Q2 2013 confirmed at 0.7%
• Annual growth in Q2 2013 was 1.3%, compared with 1.5% previously estimated
• Household consumption rose 0.3% in Q2 2013, marginally down from the 0.4% previously estimated
• The current account deficit narrowed in Q2 2013, but remains unacceptably large
Commenting on third estimate of GDP for Q2 2013, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:
“The UK economy is now recovering after a long period of stagnation. The second quarter growth was broad-based, with all major sectors – services, production and construction – making positive contributions. But some of the detail in the figures is concerning. Business investment fell compared to the previous quarter, and the improvement in the trade balance is not as strong as previously thought.
“The recovery is still fragile, and both the government and the MPC must make every effort to maintain progress and to prevent setbacks. Further measures to boost growth are needed, with greater focus on ensuring that viable and growing firms are able to obtain adequate finance.”