The following is an unedited transcript of the news release from the UK National Statistics.


GDP growth was 0.0 per cent in the second quarter of 2008, unrevised from the previous estimate. The level of GDP in the second quarter of 2008 is now 1.5 per cent higher than the second quarter of 2007.

Output of the production industries fell 0.7 per cent compared with a fall of 0.4 per cent in the previous quarter. This was driven by falls of 0.9 per cent in manufacturing output, 0.1 per cent in energy extraction and 0.1 per cent in the supply of electricity, gas and water.

Growth in the service industries was unrevised at 0.2 per cent in the second quarter. There was weaker growth in all the main service categories, apart from transport, storage and communication where growth picked up to 1.0 per cent.

Construction output fell 0.5 per cent compared with an increase of 1.1 per cent in the previous quarter.

Household expenditure fell by 0.1 per cent. There were falls in the consumption of household goods and services, restaurants and hotels and motor vehicles.

Government final consumption expenditure rose by 0.5 per cent and is now 2.1 per cent higher than the second quarter of 2007.

Gross fixed capital formation fell 2.8 per cent and is now 2.1 per cent below the second quarter of 2007. This follows falls in business investment and large declines in the investment in dwellings.

The trade deficit in real terms decreased to £9.8 billion in the second quarter of 2008 from £10.3 billion in the first quarter. Exports of goods and services were flat while imports fell 0.5 per cent.

The GDP expenditure deflator rose by 2.8 per cent compared with the second quarter of 2007.

Compensation of employees, measured at current prices, rose by 0.4 per cent in the quarter and is now 3.4 per cent above the level seen in the second quarter of 2007.

Total gross operating surplus of corporations fell by 1.0 per cent and is now 8.2 per cent higher than the second quarter of 2007.


Available at:

http://www.statistics.gov.uk/cci/nugget.asp?id=192