British economy expands officially

2010-09-28 11:17

The British economy grew by 1.2% in the second quarter, which marked the fastest pace since the first quarter of 2001, official data confirmed today.

The third and final estimate of GDP for the April-June period was unchanged from the previous reading given last month, the Office for National Statistics (ONS) said in a statement.

The economy meanwhile grew 1.7% in the second quarter compared with output in the same part of last year. This was also unchanged from the prior figure.

Both readings were in line with market expectations for no change, according to analysts polled by Dow Jones Newswires.

The ONS added today that the British economy shrank by more than previously thought last year, contracting by 5% last year instead of the earlier estimate of 4.9%.

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