The gross domestic product of the U.K. grew by 0.8 percent in the second quarter, according to a new report released by the Office for National Statistics (ONS), on Wednesday.

In addition, the firm revised its estimate of first quarter growth from 0.7 percent to 0.8 percent.

The revised figures mean that the economy is now estimated to have grown annually by 3.1 percent as opposed to the figure given last month of 3.0 percent.

The figures compiled by the ONS for the second quarter revealed sustained growth in all industries. Production, driven by manufacturing, increased 0.7 percent.

Oil and gas extraction, which also helped boost production, increased by 0.8 percent and 1.3 percent respectively. The increase in extraction in the second quarter was largely attributed to the opening of the Buzzard oil field in the North Sea.

Services also grew by 0.9 percetn. In this sector business services and finances industries grew by 1.7 percent, while transport storage and communication industries grew by 0.8 percent. Government and other services experienced only 0.1 percent growth from the last quarter.

Household spending went up 0.8 percent following 0.7 percent growth in the first quarter. Stronger spending on housing, recreation and culture was the culprit.

The Governments final consumption expenditure increased, by 0.3 percent in the second quarter. The net exports deficit also went down from £10.9 billion to £10.3 billion. Exports and imports of good fell by 0.9 percent and 0.7 percent respectively, whilst exports and imports of services rose by 1.8 percent and 0.4 percent respectively.

The household saving ratio was also reported by the ONS as having risen from 2.0 percent to 3.1 percent. According to the ONS this reflected a fall back in tax payments following high first quarter.

United kingdom Manufacturing European union