UK growth figures disappoint but once-off factors impact
Published 26/07/2011 | 13:22
Britain recorded growth of 0.2pc in the second quarter, lower than 0.5pc in the first, according to new figures.
However, the Office for National Statistics said the figures were skewed by once-off factors like the royal wedding, Olympic ticket sales and the Japanese tsunami.
If these events were factored out, the ONS said the growth figure at our biggest trading partner would have been 0.7pc.
The figures come as British Chancellor of the Exchequer George Osborne is under pressure to deal with the budget deficit amidst concerns that a slow economy could affect tax revenues targets.
The Government's tax and spending watchdog had projected 0.4pc for the second quarter, but many economists reduced their GDP forecasts recently because of mixed manufacturing, services and construction figures.
While production output dropped, good performances were seen in the service and construction sectors.