UK Q2 GDP revised up to 0.9%

The Office for National Statistics has revised second quarter growth figures in the UK up from 0.8% to 0.9% in its final estimate.

The revision means UK GDP in the second quarter was 3.2% higher than during the same period in 2013, reinforcing the country's position as one of the most quickly recovering economies. The ONS has also changed the methodology used to measure GDP at the start of this month, which has altered historical GDP growth figures. Under the new method, the UK economy saw a 6% fall in growth from peak to trough during the financial crisis, not the previously estimated 7.2%. Growth in Q2 2014 was 2.7% above the pre-crisis peak in Q1 2008, the economy having first passed this peak in Q3 2013, a...