British economic growth exceeds expectations in 2nd quarter

ISTANBUL

The UK's economy expanded 0.3% on a quarterly basis in the second quarter of the year, exceeding market estimates, according to official data released on Thursday.

The markets estimated a 0.1% growth for the second quarter.

The latest figure followed a 0.7% growth in the gross domestic product (GDP) in the first quarter, Office for National Statistics (ONS) data showed.

Of the three main sectors, construction output was the largest contributor to the expansion, increasing 1.2% quarter-on-quarter.

The services output also expanded 0.4% in the April-June period.

On the other hand, the production output fell 0.3% in the second quarter.

"Real GDP per head is estimated to have grown by 0.2% in the latest quarter and is up 0.7% compared with the same quarter a year ago," the ONS said in a statement.

On an annual basis, Britain's GDP grew 1.2% in the second quarter, surpassing market forecasts.