UK GDP growth revised up to 3.2% in Q2
According to the second estimate released today, the economy expanded by 3.2 per cent in Q2 compared to the same quarter last year, up from a preliminary estimate of 3.1 per cent last month.
GDP growth of 0.8 per cent for the quarter was unchanged from the first estimate.
As the recovery takes hold in the UK, the ONS said the latest upward move means economic growth is now 0.2 per cent above the pre-crisis peak in Q1 2008.
The UK economy has managed to recover from a downturn which saw it shrink by as much as 7.2% from its 2008 peak to its 2009 trough.
The figures come a day after worse-than-expected reports from the eurozone’s two largest economies – France and Germany.
Germany yesterday revealed a 0.2 per cent contraction in the three months to the end of June, while the French economy was at a standstill over the quarter.
The strength of the recovery in the UK has fuelled talk of early rate rises, with some expecting the Bank of England to hike rates before the end of the year.
However, disappointing wage growth figures released earlier this week suggest a rate hike before next year is unlikely.