By Rosie Niven | 15 August 2014
The UK’s economic growth in the year to the end of June has been revised up to 3.2%, according to figures published by the Office of National Statistics today.
A preliminary estimate by the ONS in July had shown an increase of 3.1% in the three month period when compared to the previous year.
The quarter-on-quarter gross domestic product growth for the quarter was unchanged from the preliminary figure at 0.8%.
The preliminary figures revealed that the size of the UK economy has finally surpassed the level recorded in the pre-crisis peak of early 2008, which the government said was a ‘major milestone’ in the recovery.
In the second quarter, the size of the economy was estimated to be 0.2% above the pre-downturn peak, which was hit in the first three months of 2008. From peak to trough in 2009, the economy shrank by 7.2%.
The July figures showed that output increased in two of the four main industrial groupings – service and production – while it fell by 0.5% in construction and 0.2% in agriculture.
The revised figures also showed a slight upward revision in construction output, which was flat in the second quarter.
David Kern, the chief economist at the British Chambers of Commerce said the figures provided further evidence that the UK recovery remains on course.
‘While the strength of the recovery, coupled with the positive job figures should underpin business confidence, further efforts must be made to rebalance the economy towards exports.
‘Recent figures showing stagnant growth in the eurozone will add to the challenges facing our exporters and reinforces the need to diversify our trade into new, dynamic markets outside of Europe.’
