UK GDP growth revised up to 3.2% for Q2

UK GDP growth has been revised up to 3.2 per cent for the second quarter by the Office for National Statistics.

The ONS’ second estimate published today shows the economy grew by 3.2 per cent compared to the same quarter last year, a slight rise from 3.1 per cent put forward in the preliminary estimate last month.

GDP increased 0.8 per cent during the second quarter, unchanged from the preliminary estimate which saw the economy surpass its pre-crisis levels.

In Q2 2014 GDP was estimated to be 0.2 per cent above the pre-downturn peak in the first quarter of 2008. From peak to trough in 2009, the economy shrank by 7.2 per cent.

Despite growth in the economy and UK unemployment falling to its lowest rate since 2008, falling wages make an interest rise by the Bank of England before the end of the year unlikely.