The U.K.’s latest GDP release has beaten expectations, showing that the U.K. economy rose by 1.2% for the second quarter of 2010, which was higher than the previous 1.1% estimate.
Oddly, construction was a key driver:
The advance – the strongest since the same figure was achieved in the first quarter of 2001 – was attributed to record-breaking gains in the construction sector, which helped lift the country’s industrial production.
Construction output leaped 8.6pc in the three months to June – the strongest since the second quarter of 1963 – up from an initial estimate of 6.6pc.
On the year, the economy expanded 1.7pc.
London’s FTSE index has surged, though so far remains in the red. Other European markets pared back their losses. U.S. futures are slightly more in the green. You can find the official UK release here.
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