Economic Growth Revised Up

Economic Growth Revised Up.

The Office for National Statistics (ONS) had estimated the economy to grow by 3.1% in the second quarter compared with the same point last year. However, the latest figures show the economy surpassed that estimate and reached 3.2%.

The second estimate from the ONS remained unchanged at 0.8% for quarter-on-quarter growth. The UK economy is now confirmed to have seen the best performance in six years and has passed the peak of 2008.

The services sector, which accounts for a big margin of the UK economic activity grew 1% in the second quarter. The annual growth rate for the services sector was 3.6%, which was also the best performance for over 6 years.

Business services and finances were the main contributors in the services sector, followed by distribution and hotels & restaurants.