UK GDP growth revised up

The UK economy grew faster than expected in the first three months of 2015, official figures show.

The Office for National Statistics says the economy grew by 0.4 per cent in first quarter of 2015, compared with the previous estimate of 0.3 per cent.

GDP was also estimated to have increased by 3 per cent in 2014, compared with 2013, revised up 0.2 percentage points from the previous estimate.

Production output increased by 0.2 per cent in the first three months of 2015 compared with the last quarter of 2014, revised up 0.1 percentage points, the ONS says.

Manufacturing increased by 0.1 per cent for the same period, while electricity, gas, steam and air conditioning supply industries rose by 2.8 per cent.

However, output from mining and quarrying, including oil and gas extraction, fell by 0.5 per cent