UK GDP revised up on strong production data

First quarter GDP growth has been revised up in line with expectations on the back of strong industrial production figures.

GDP hit 0.3% in the first three months of the year, an upward revision from the earlier estimate of 0.2%, according to the ONS. Year-on-year GDP was left unrevised at -0.2%. Analysts widely expected an increase in the second estimate as recent industrial production data showed the fastest surge in two years. Output of the production industries rose by 1.2% in Q1, compared with a rise of 0.4% in the previous quarter, with manufacturing output growing by 1.2% compared with growth of 0.8% in the previous quarter. Construction output fell by 0.5% over the quarter. The earlie...