Britain’s economy growing more quickly than previously thought

Britain’s economy grew more quickly than previously thought in the second quarter of this year though the start of 2014 was more sluggish, according to revised official figures.

They showed that gross domestic product (GDP) expanded by 0.9 per cent from April to June, compared to a previous estimate of 0.8 per cent . However, the Office for National Statistics (ONS) data also calculated that first quarter growth was 0.7 per cent , down from 0.8 per cent.

It came as the ONS also revealed that the UK economic downturn ended around nine months earlier than first thought.

Methodological changes and data revisions meant GDP reached its pre-recession peak in the third quarter of 2013 rather than in the second quarter of this year. It means the economy is now 2.7 per cent larger than it was in the first quarter of 2008, the last period before the recession took hold. The changes also mean that the economy is £27.8 billion, or 6.6 per cent, larger than had been earlier estimated, in current prices.