Official figures reveal boost in UK economic growth
13 Aug 2018
Figures published by the Office for National Statistics (ONS) have revealed a boost in UK economic growth.
The UK economy grew by 0.4% in the three months to June, the ONS revealed – a rise when compared to growth of 0.2% recorded in the first quarter of 2018.
Real household disposable income per head increased by 1.4%, representing its biggest increase since the fourth quarter of 2015.
However, the data also showed that the UK’s trade deficit widened by £4.7 billion during the three months to June, to reach £8.6 billion.
Meanwhile, the services sector grew by 0.5% during the second quarter of this year, and construction output increased by 0.9%. Industrial production, on the other hand, fell by 0.8%.
Commenting on the data, Martin McTague, Policy Chairman at the Federation of Small Businesses (FSB), said: ‘Lots of small retailers, pubs and restaurants will have seen sales rise in the past three months thanks to a good World Cup run and a royal wedding. But we need to remember that, over the long-term, these firms are facing a perfect storm of high employment costs and rising business rates.’