LONDON: Britain’s economy picked up steam in the second three months of 2015, official data showed on Friday, boosted by a jump in exports and business investment.
The Office for National Statistics said gross domestic product rose by 0.7 percent in the second quarter of this year, confirming a preliminary reading, as expected.
Net trade boosted GDP by 1.0 percentage points on the quarter, the biggest contribution from trade in four years, as exports jumped.
Economists have said the boost to trade might be temporary because the persistent strength of sterling is making British goods more expensive abroad, while turmoil in Chinese financial markets has increased uncertainty about the global outlook.
Business investment rose 2.9 percent on the quarter, the highest in a year. That will come as good news for the government which is hoping to broaden the economic recovery, that so far has been reliant on consumer demand.
Household spending grew 0.7 percent on the quarter, slowing slightly from 0.9 percent in the first quarter.
Consumer sentiment has been supported by subdued inflation, record low interest rates and a rising pound.
Britain’s economy grew 3.0 percent in 2014, the biggest expansion since 2006, and the Bank of England expects it to maintain this momentum this year, forecasting 2.8 percent growth in 2015.
