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Chancellor Osborne confirms economy is “on the mend”…

Good news on the UK economic front from the Office for National Statistics (ONS) who reported their first Q2 estimate on the UK economy. Based on a seasonally adjusted sample of 44% of actual data, they estimated growth of 0.6% in the second quarter of 2013. This was an improvement on the 0.3% growth reported in Q1.

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The ONS said that output grew in the Services sector – by far the largest component of the economy, representing 80% of total output – by 0.6%. The Production sector also saw 0.6% growth, of which Manufacturing accounted for 0.4%, whilst Construction saw a strong rebound in activity with 0.9% growth. The Agriculture sector also saw positive growth. So a broad-based recovery was reported.
As a result of this data, the UK economy has now recouped more than half the loss of 7.2% output seen since the economic crisis of 2008-9. However, economic output still remains 3.3% below its pre-recession peak.
Welcoming the good news, the Chancellor of the Exchequer, George Osborne, said: “These figures are better than expected. 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.”
This encouraging economic trend comes after the Prime Minister, David Cameron, announced earlier this month that the London 2012 Olympics and Paralympic Games boosted the UK economy to the tune of £9.9bn. Following a report from the UK Trade and Investment Department (UKTI) stating that the Olympics resulted in “additional inward investment” of £2.5bn, 58% of which was outside London, £5.9bn of additional sales as a result of Olympic related promotions by the Foreign Office and UKTI and £1.5bn of high-value overseas contracts.

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