UK economy is “on the mend” with 0.6% GDP growth

Chancellor George Osborne said the figures are better than forecast and that the UK economy is “on the mend"

11:30 29 July 2013

According to the Office for National Statistics (ONS), UK GDP (gross domestic product) grew by 0.6per cent in the three months to June. Output grew in the manufacturing, construction, agriculture, and services sectors. The latest figures show that UK economy has recouped more than half the 7.2per cent of output lost in the 2008-2009 recession. 

 

However, analysts said that despite better than forecast figures, the outlook for the rest of the year is still uncertain. 

 

Richard Driver, currency market analysts at Caxton FX, said, as reported by The BBC: "This isn't a figure that should be shouted from the rooftops by any means. But given where we have been and where most other global economies are now in terms of economic growth, it is more than satisfactory.

 

"The challenge now is to maintain this pace of growth in the second half of the year and the prospects look highly uncertain in this regard.''

 

Meanwhile, Chancellor George Osborne said that the figures are better than forecast. He added: "Britain is holding its nerve, we are sticking to our plan, and the British economy is on the mend - but there is still a long way to go and I know things are still tough for families."