Official figures released today reveal the economy grew by more than initially thought between April and June, raising hopes that the UK is finally powering out of its five-year slump.
The Office for National Statistics (ONS) revised growth in the second quarter to 0.7%, up from its initial estimate of 0.6%.
This is a significant improvement on the 0.3% growth recorded in the first three months of the year.
All sectors of the economy recorded growth, with upward revisions across manufacturing, construction and parts of services.
The news is the latest in a number of industry reports suggesting that the country is finally recovering after years of stagnant growth.
On Tuesday, the Council of Mortgage Lenders revealed that mortgage lending soared to a five-year high in July.
While last week, LSL Property Services reported that prices climbed to an all-time high in July, surpassing the previous peak reached at the height of the housing boom in February 2008, while Halifax announced house price increases of 4.6% in the three months to July when compared to a year ago, and Nationwide Building Society recorded the biggest year-on-year rise in nearly three years, at 3.9%.
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