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Business investment drops in Q2

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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Business investment fell 1.9% during the second quarter from the previous three month period to £35.835m, the Office for National Statistics revealed Thursday.

That was much worse than the 0.7% drop analysts had predicted and larger than the 1.8% reported in the first quarter of 2008.

The year on year number was up 1.9%, but that was well short of the 3.1% expected and far less than the 4.5% enjoyed at the beginning of this year.

The ONS attributed the quarterly fall to reduced capital spending by industries within private sector manufacturing and non-manufacturing.

Within non-manufacturing industries, investment in construction tumbled 13.7%, while manufacturing sector investment slipped 5.8% from the quarter before.

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