The coronavirus bounceback has been better than expected with economic growth for the second quarter revised up sharply today.
UK GDP grew by 5.5 per cent in the three months to June – much faster than the 4.8 per cent previously estimated.
The Office for National Statistics said activity in health services and the arts was higher than originally thought – and households spent more strongly.
Despite the positive news, the economy was still 3.3 per cent smaller than before the pandemic, and is believed to have slowed down significantly due to supply chain chaos.
UK GDP grew by 5.5 per cent in the three months to June – much faster than the 4.8 per cent previously estimated
Deputy National Statistician Jonathan Athow said: ‘The economy grew more in the second quarter than previously estimated, with the latest data showing health services and the arts performing better than initially thought.
‘The revised figures also show households have been saving less in recent years than previously thought.
‘Household saving fell particularly strongly in the latest quarter from the record highs seen during the pandemic, as many people were again able to spend on shopping, eating out and driving their cars.’
The news will be a boost to Rishi Sunak as he prepares his Budget for the end of October