By Jason Douglas and Matthew Cowley
LONDON--The U.K. economy expanded at a slightly faster annual rate in the second quarter than initially thought, according to official data Friday, boosted by a better performance from the construction sector.
The Office for National Statistics said the economy expanded 3.2% in the second quarter compared with a year earlier, the fastest annual pace of growth since the final quarter of 2007. An earlier estimate put the rate of growth at 3.1%.
The rise was driven by revisions to construction output, the ONS said. Construction output was 4.8% higher than a year earlier, according to the latest data, compared with an earlier estimate of 4.2%.
The U.K. is expected to be among the fastest-growing advanced economies this year. The Bank of England expects the economy to expand 3.5% in 2014 as a whole.
The ONS said the economy grew 0.8% in the three months to the end of June, an annualized rate of 3.4%. An earlier estimate put the annualized rate at 3.2%. The quarter-on-quarter growth rate was unchanged.
Unusually, Friday's report did not contain information on household consumption and other expenditure data because the ONS is in the midst of a major overhaul of how it calculates its figures to bring it into line with a new European standard. A new set of U.K. national accounts incorporating the changes will be published September 30.
Write to Jason Douglas at firstname.lastname@example.org and Matthew Cowley at email@example.com
(END) Dow Jones Newswires
August 15, 2014 04:52 ET (08:52 GMT)
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