UK GDP growth revised up to 0.7% – ONS

The Office for National Statistics (ONS) has released its latest estimate of economic growth in the second quarter, showing UK growth was 0.7%.

The ONS previous estimate was 0.6%. For the first quarter, the ONS put quarterly growth at 0.3%.

The UK’s result equalled Germany’s second quarter growth rate at 0.7%.

The result was more positive than most economists had expected, with the majority forecasting growth would be 0.6%, as estimated in the first take from the ONS.

The upwards revision to GDP between the first and second estimate can be attributed to small upwards revisions across a number of the main industrial groupings, the ONS report also said.

Moreover, GDP in volume terms increased by 1.5% when comparing Q2 2013 with Q2 2012.

The pound has strengthened against the dollar in the wake of the stronger-than-expected numbers and the FTSE 100 stock index has extended gains – it is currently up 15 points at 6462.

Click here to read the full ONS report.

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