Wednesday, 26 July 2017

UK economic growth rate edges higher by 0.3%

The UK economy grew by 0.3% in the three months to June, driven in part by a booming film industry, said the Office for National Statistics (ONS).

The initial estimate showed growth picking up from the first quarter of the year, when it was 0.2%.

The ONS said the growth was driven by services, particularly retail, which more than offset falls in output in the manufacturing and construction sectors.

It added there had been a "notable slowdown" in growth from last year.

"While services such as retail, and film production and distribution showed some improvement in the second quarter, a weaker performance from construction and manufacturing pulled down overall growth," said Darren Morgan, ONS head of national accounts.
"The economy has experienced a notable slowdown in the first half of this year," he added.

Film production in the UK, plus box-office receipts from cinemas, was one of the best performing parts of the economy during the period.

The ONS said ticket receipts from Wonder Woman and the latest Pirates of the Caribbean film were among the items that had boosted the sector it calls motion picture activities.

BBC     News.

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