UK economic growth estimate revised up for Q2

The second estimate of UK economic growth for the three months to June has been revised up by 0.1 per cent to 0.7 per cent, the Office for National Statistics (ONS) has confirmed.

The upward revision to GDP growth is attributed to stronger performances across all four main industrial groups. It is the first time that all four industries experienced quarterly growth since the third quarter of 2010.

According to the second estimate of data for Q2 2013:

  • Construction output has been revised up from 0.9 per cent to 1.4 per cent
  • Agricultural output rose by 1.7 per cent 
  • Production output increased by 0.6 per cent 
  • Services increased by 0.6 per cent.

The export of goods and services is also continuing to play a major role in economic growth, increasing by 3.6 per cent in Q2 - the largest increase for six quarters.

Elsewhere, the Government hailed the surge in older workers as 'key' in strengthening the UK economy.

According to ONS data, the number of people in employment aged between 50 and 64 in the UK has increased by nearly two million in the past 15 years.

Pensions minister Steve Webb said:

"Britain is in a global economic race and in order to win we must embrace our ageing population and the wealth of skills and experience older workers bring to business."

He continued: "Far from blocking jobs for younger workers, the over-50s can help to mentor and develop new recruits and apprentices and maximise productivity across the workforce. The truth is older workers are not only essential in meeting the long-term demand for labour in our country, they are also an opportunity to add value to business - and drive our economy forward."