2010.08.0611:06:00UTC+00UK Economy Expands 0.9% In May-July Period: NIESR

The U.K. economy grew 0.9% during the three-month ending July, slower than the 1.1% growth recorded during the April to June period, National Institute of Economic and Social Research, or NIESR, said Friday.

The leading economic research institute, meanwhile, revised up its growth estimate for the three months ending in June from the 0.7% reported initially. In the first quarter, the gross domestic product rose 0.3%.

The annual rate of growth, according to the institute, was 3.5% during the three months through July, slower than the 4.6% growth during the three months ending in June. In the first quarter, GDP rose 1.2% annually.

Meanwhile, official data showed that the British economy expanded at its fastest pace in four years in the second quarter. The economy expanded at a pace of 1.1% sequentially in the second quarter, following an increase of 0.3% in the previous quarter, according to preliminary data from the Office for National Statistics.

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