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UK's Economic Growth Revised Up

UK's Economic Growth Revised Up

Figures have shown the UK economy is on the rise; moreso than previously expected.

The Office for National Statistics (ONS) said the economy grew by 0.4% in first quarter of 2015, compared to the original estimate of 0.3%.

The growth was thought to be boosted by a stronger performance from the construction industry.

Annually the economy grew by 2.9% from the first quarter of 2014, which was up from a previous estimate of 2.4%.

Last year economic growth was revised up to 3% from 2.8% which marked the fastest rate of economic growth since 2006.

Chief economist at ONS, Joe Grice said: "The slight upward revision to growth in the first quarter of 2015 is down largely to the recently announced new methods to measure construction output."

Chief UK and European economist at IHS Global Insight Howard Archer believes the economic growth accelerated through June due to the uncertainty caused by the general election back in May.

He expects the UK economy to grow by 0.7% in the second quarter and by 2.5% over the course of the year.


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