UK recovery in 2013 better than thought - GDP grows 0.7pc

14 June

The latest figures from the Office of National Statistics (ONS) show that Britain's recovery in 2013 has been stronger than expected. It has confirmed its estimate of 0.7pc growth in the three months to June and upgraded the first quarter from 0.3pc to 0.4pc.

The findings showed that three key sectors have supported this growth; services, production and construction, each expanding. For 2012 as a whole, the ONS revised growth down from 0.2pc to just 0.1pc. As a result, the economy remains 3.3pc smaller than before the financial crisis.

However, economists were upbeat about prospects for the rest of 2013, given recent signs that the recovery is gaining momentum, with the construction sector particularly helping. The figures showed that the government’s efforts to kick-start activity in the housing market appeared to be gaining some traction. Investment in dwellings, which includes renovations and new build, rose £1.2bn to £13.2bn.

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