UK GDP expanded at a slightly faster than expected pace in Q2
The UK's gross domestic product (GDP) expanded at a 0.9% quarter-on-quarter clip in the second quarter, according to revised estimates from the Office for National Statistics (ONS).
It was a touch ahead of the 0.8% gain expected by economists.
The latest calculations are based on the European System of Accounts 2010 (ESA 2010) methodology, instead of the 1995 measures.
Britain’s economy is still estimated to have grown by 3.2% between the second quarter of 2013 and 2014.
The peak-to-trough drop in economic activity during the downturn which ensued in the aftermath of the financial crisis is now estimated to have been on the order of 6%, instead of the -7.2% initially thought - which may have some implications for the Bank of England's conduct of monetary policy.