North Sea oil rebound fuels UK GDP growth
by Phillip Inman Economics correspondent from on (#ATYY)
Economy doubles growth rate to 0.6% as NIESR predicts annual growth of 2.5% but drop in manufacturing deals blow to George Osborne
A rebound in North Sea oil production in the three months to May helped the UK double its growth rate to 0.6% from the first quarter of the year, handing the Treasury a much-needed boost.
According to the National Institute for Economic & Social Research (NIESR), output improved on the 0.5% in the three months to April and soared above the meagre 0.3% seen in the first three months of the year.
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