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UK economic growth now revised upwards

UK Service Sector & Economy peaks

The economy has grown by 3.2% in the second quarter compared to the same time in the previous year. This is actually higher than the 3.1% original estimate.

The growth was helped by the construction sector performing better than previously predicted.

The figures show the best economic performance the UK has seen for over 6 years. The service sector which equates to 78% of the total economic activity grew by one percent in the second quarter. This was also the best performance this sector has seen for over 6 years.

Also manufacturing output grew by 0. 3% however the agriculture industry actually shrank by 0.2%.

The service sector was the overall winner, with widespread growth. Increases were seen in business services, transportation, hotels, food services, communication and storage.

The service sector is now officially above the previous high by 3%, the last previous peak was in 2008. The latest figures are showing that the economy recovery is will underway and it is being led by consumer spending.

However the UK manufacturing sector is still below by 7.5% below its peak in 2008.

The Bank of England is not expected to raise the interest rates soon, interest rates were expected to rise in 2015.

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