The UK economy grew by 0.7% in the second quarter of 2015, the tenth successive quarter of growth, following growth of 0.4% in the first quarter. The growth in the second quarter was largely due to the dominant services sector, which expanded by 0.7%, while industrial production grew by 1% following a surge in North Sea oil and gas production. Agriculture contracted by 0.7% with factory output dropping by 0.3%.
Growth in the Eurozone slowed in the second quarter as the economy expanded by 0.3%, down from the 0.4% recorded in the first quarter. This was largely due to German, French, Italian and Dutch growth being weaker than expected. The German economy expanded by 0.4% in the second quarter. The French economy stagnated in the second quarter after growth of 0.2% had been predicted. The Italian economy expanded by 0.2% in the second quarter. Greece’s economy grew by 0.8% in the second quarter, ending its short-lived recession.
The US economy expanded at an annualised rate of 2.3% in the second quarter, which was less than the 2.5% which analysts had predicted. The second quarter results were helped by consumer spending increasing by 2.9%, increased government spending and a pick-up in exports and the housing market.
The Chinese economy expanded at an annualised rate of 7% in the second quarter, identical to the first quarter, and an improvement on the 6.8% which had been predicted. The figure is China’s lowest level of growth since the 2009 financial crisis.
This report contains statistics data for markets around the world.