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| UK economy grew 0.9% in second quarter, says ONS | UK economy grew 0.9% in second quarter, says ONS |
| (35 minutes later) | |
| UK economic growth has been revised up to 0.9% for the second quarter of the year by the Office for National Statistics (ONS), compared with a previous estimate of 0.8%. | |
| UK GDP was 3.2% higher in the second quarter compared with a year earlier. | |
| Revised ONS figures also show the UK economy surpassed its pre-recession peak in the third quarter of 2013. | |
| Previously, this was thought to have been achieved in the second quarter of 2014. | |
| The ONS now estimates that gross domestic product was 2.7% higher than its pre-crisis peak by the end of the second quarter this year. | |
| The figures also show that the ONS revised its estimate of growth in the first quarter of the year down to 0.7% from an earlier estimate of 0.8%. | |
| Business investment | |
| Output in the services industry rose 1.1% in the three months from April to June, the ONS said, while construction was revised up sharply to show 0.7% growth compared to a previous estimate of zero growth. | |
| The Bank of England forecasts that the UK will grow by 3.5% in 2014, and the ONS figures show the business confidence is continuing to strengthen. | |
| Business investment grew 11% in the second quarter compared to the same period last year. | |
| The new methodology for measuring economic output includes estimates of the economic contribution made by drug dealers and prostitutes. | |
| Under the new system, public sector debt as a percentage of GDP, excluding banks, now stands at 79.1% compared with 76.5% using the old methodology. |