You are here: Home - Investing -

UK GDP growth revised up to 3.2% in Q2

Written by:
UK GDP growth in Q2 has been revised up marginally by the Office for National Statistics (ONS).

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.


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week