Latest GDP figures give hope for sustained recovery

30 July 2013

Hope for a sustained UK economic recovery has been boosted by new gross domestic product (GDP) figures.

According to the ‘flash estimate’ – the first extrapolation of the figures, which are subject to on-going review - GDP grew by 0.6% in Q2 2013, says The Office for National Statistics (ONS).

Growth was twice as much as the 0.3% in Q1 2013 and means that the UK economy has recouped almost half of its 7.2% contraction during the 2008-2009 recession with output still 3.3% below its pre-recession high.

Output grew across all construction, manufacturing and service sectors showing a balanced upturn. Some economists believe the figure will be revised upwards when the data is studied more fully.

The latest figures follow an ONS revision of earlier figures, which now show that the UK did not enter a double-dip recession at the start of 2012 although the 2008 recession was deeper than previously estimated.