LONDON, Aug. 23 (Xinhua) -- The latest official figures released on Friday showed output of all major economic sectors in Britain increased in the second quarter of this year, indicating economic recovery might be finally taking hold.
Besides adjusting up the economic growth for the second quarter in its second estimates to 0.7 percent from previously estimated 0.6 percent, the Office for National Statistics (ONS) almost revised up growth rate for all economic sectors.
According to the ONS figures released on Friday, all the four main sectors, namely agriculture, industrial production, construction and services grew in the second quarter compared with the previous quarter.
"The last time that all the four industries experienced quarterly increase was in the second quarter of 2010," the ONS said.
Output of the agriculture, forestry and fishing industries rose by 1.7 percent in the second quarter, following a decrease of 6.3 percent in the previous quarter.
In the second quarter, industrial production increased by 0.6 percent compared with an increase of 0.3 percent in the first quarter, while construction output rose by 1.4 percent, revised up from a 0.9 percent increase following a decrease of 1.8 percent in the previous quarter.
The country's dominance service sector, which makes up more than 75 percent of the economy, expanded by an unchanged 0.6 percent compared with the previous quarter when it increased by 0.5 percent in the previous quarter.
"Service industries output has increased in every quarter compared with the same quarter a year ago since the second quarter of 2010," said the ONS.
In the breakdown of the service industries, output of the distribution, hotels and restaurants industries increased by 1.7 percent in the second quarter, while that of the transport, storage and communication industries rose by 0.6 percent. Business services and finance industries output rose by 0.6 percent.
One thing worth mentioning is that Britain's trading position is improving, which, along with investment, has contributed well over half of the second quarter growth rate.
The latest trade figures by the ONS showed exports of goods reached a record high of 26.9 billion pounds in June, an increase of 1.3 billion pounds over May, while Britain's net trade deficit dropped to 3.2 billion pounds in the second quarter from a 4.3 billion pounds deficit in the first quarter.
The ONS figures also showed a quarterly increase of 1.7 percent in investment in the second quarter of this year to an estimated 857 million pounds.
"So the recovery seems to be becoming more balanced, which is just as well, given that the consumer-driven growth seen previously was largely based on households running down their saving," said Vicky Redwood, Chief UK Economist at the Capital Economics.
However, Redwood also pointed out some serious constraints, such as the fiscal squeeze and weak bank lending facing British economy, adding that it may struggle to keep growing at quite such robust rates.