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Further hopes emerge of economic recovery

Further hopes emerge of economic recovery

Category: Economy

Updated: 25/07/2013
First Published: 25/07/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Figures released by the Office for National Statistics (ONS) have suggested that the UK economy grew during the second quarter of this year, boosting hopes of a financial recovery.

According to preliminary estimates, gross domestic product (GDP), which is defined as the overall value of goods and services produced in the UK, increased by 0.6% during quarter two of 2013, with growth in the services industry contributing 0.48 percentage points to the overall figure.

GDP during the second three month period of 2013 was found to be 1.4% higher than in the same period last year.

The level of output within the construction industry was estimated to have improved, increasing by 0.9% compared with in the first three months of 2013, when output in this sector was recorded as being at its lowest level since quarter one 2001.

All major sectors of the UK's economy were found to have improved for the first time since 2010.

The latest estimates, along with recently reported signs of growth in the housing market, are expected to provide the country with a renewed sense of optimism following years of economic gloom, with the Prime Minister stating that the UK was "on the right track".

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