Economic growth revised up for second quarter

Economic growth in the UK has been revised up for the second quarter of the year, the Office of National Statistics (ONS) has revealed. Initial estimates for economic growth in the second quarter, between April and June, suggested the economy had grown 0.6%, but this has now been increased to 0.7%. The 0.7% rate of growth matches the pace seen during the third quarter of last year. The revision was said to have reflected better-than-expected performances across several industries, with the upward revision confirming the UK economy is moving towards a recovery phase. A spokeswoman for the treasury suggested caution should still be shown with much more needed to be done to help the economy continue to recover: “ There is still a long way to go, but the economy is on the right track and the Government is committed to its economic plan that has already cut the deficit by a third”. Despite increasingly positive news coming from various sectors over the last few weeks, warnings were issued by economists. The ONS revealed that economic growth following previous recessions since 1945 normally is high and in short bursts as it catches up with pre-recession levels.