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East Midlands Chamber News

ONS Nudges Up Q2 GDP Figure

The Office For National Statistics has revised up its UK Gross Domestic Product output figures for the second quarter of 2013.

The economy grew by 0.7 per cent in the three months, up 0.1 per cent from the previous estimate released in July.

The ONS attributed small upward revisions across a number of the main industrial sectors such as manufacturing and construction. Building output grew by 1.4 per cent in the second quarter, boosted by Help to Buy and Funding for Lending, said the ONS. It said that all expenditure components, with the exception of non-profit institutions, contributed positively to the increase.

Second quarter growth more than doubled from 0.3 per cent in the first three months, producing the strongest figures since the 2012 Olympics and sparking further optimism the economy is turning a corner. The Treasury said the upward revision showed the UK is "moving from rescue to recovery".

DNCC Chief Executive George CowcherDNCC Chief Executive George Cowcher said when the preliminary Q2 GDP estimate was released that the "economy is starting to move in the right direction."

Commenting on the upward revision, he said: "This is welcome news, which shows that the UK economy performed better than first thought in the second quarter of the year.

"All the signs are starting to point to the fact that the recovery is finally starting to gain some traction, but there is still a long way to go. However, as confidence continues to return to the business sector, more firms will be able to start taking longer-term decisions about investment, expansion, recruitment and growth. Government, for its part, must harness this optimism by creating conditions which nurture enterprise, exports and innovation."