UK second quarter GDP revised upwards to 0.7 per cent

The UK’s economic growth in the second quarter has been revised upwards to 0.7 per cent, according to the Office for National Statistics (ONS).

The initial reading had estimated that UK GDP grew by 0.6 per cent but the second reading today had revised the figure upwards.

The ONS report said the upwards revision was due to improved data from “across a number of the main industrial groupings”, while there was also a boost from an increase in net trade.

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Nancy Curtin, chief investment officer of Close Brothers Asset Management, said the recent series of “good economic results” for the UK means business and consumer confidence is “climbing”.

“A London-led recovery has spread to the regions and has driven faster growth than expected, and like the US, the UK has shown its resilience in the face of slowing global trade,” Ms Curtin said.

“A weaker currency, a fall in hourly wages and the rise of ‘zero-hours’ contracts have made Britain more competitive in the absence of an increase in productivity.”

The improved GDP figure matched the figures from Germany this morning, which confirmed the 0.7 per cent GDP increase for the second quarter of 2013, and followed positive purchasing managers’ index data from the eurozone and China yesterday.