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UK Q2 growth revised up to 0.7%

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The Office for National Statistics has increased its estimate for the UK’s economic growth in the second quarter.

Official figures now show UK GDP as expanding by 0.7 per cent in the three months to the end of June, an increase from the preliminary estimate of 0.6 per cent.

The ONS says the change is the result of “small upwards revisions” across a number of the main industrial groupings.

Signs of a recovery in the UK economy have also been building in recent months, with most economic indicators bearing good news.

Business surveys also show that activity strengthened in the manufacturing, services and construction sectors at the start of the third quarter.

In addition, the IMF raised its 2013 economic forecast for the UK from 0.7 per cent to 0.9 per cent at the start of July, despite downgrading its outlook for global growth as a whole.

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