London, Jul 23: Global markets which expected a modest GDP number from the United Kingdom were pleasantly surprised on Friday, Jul 23 when the country posted a 1.1 per cent growth in the second quarter (Q2).
The growth is much-stronger-than expected as the economists had earlier forecast a quarterly rise of 0.6 per cent.
In a Year on Year (YoY) basis, UK's Q2 GDP grew by 1.6 per cent as against the compared to the second quarter GDP of 2009, at a time when the world was still reeling under the effects of global economic slump.
The third consecutive quarterly uptrend posted by UK has been attributed to higher output by business services, finance and construction.
However, analysts predict that the pace of recovery will slow down during the second half when the government implements its planned cuts in public spending and jobs.