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News - 25 July 2013

UK economic growth rises to 0.6% in second quarter

The UK economy grew by 0.6% in the three months to June, according to official figures.

The figure was in line with market expectations, and is up from 0.3% growth in the previous quarter. Output in all of the services, manufacturing and construction sectors expanded.

It was just three months ago that it was feared the UK could enter an unprecedented triple-dip recession; however the recovery is still fragile.

Unofficial surveys published since then have suggested continued improvement, while revisions to Office for National Statistics (ONS) data revealed that the double-dip recession from 2011 to 2012 never happened.

But the revisions turned out to be double-edged, confirming that the initial recession following the financial crisis was far worse than first feared. It meant the economy was still 3.9% below its pre-crisis peak - with the gap previously thought to be 2.6%.

Lavinia Newman, founder of ABDS comments:
“The Bank of England’s first significant intervention under new governor Mark Carney saw policymakers apparently taking a less rosy view of the outlook than some in the City, while officials at the International Monetary Fund (IMF) have added to the ambivalence, raising their forecast for annual growth from 0.6% to 0.9%.”

Shadow chancellor Ed Balls said he expected the figures to show that the economy is showing "welcome and long-overdue" signs of growth.

But he warned that most ordinary families will not feel the benefit of the recovery in GDP, because of wages lagging behind inflation.

For business advice and a more personal approach, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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