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Exports drive more balanced growth of UK economy

Money - UK economy grew by 0.7% - SantanderCB

The Office for National Statistics confirmed that the UK economy grew by 0.7% in the three months to June, as surging exports and strong business investment pushed up UK growth in the second quarter. Exports, which dragged down growth in the first quarter, rose by 3.9% in the period, while imports grew by 0.6%. Business investment grew by 2.9%, far stronger than the 1.5% expected by analysts. Consumer spending rose by 0.7% compared with the previous quarter, representing the 16th consecutive quarter of growth. The second quarter expansion follows growth of 0.4% in the first quarter and was in line with economists' expectations.

 

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