United Kingdom economic growth revised up to 0.7%

Economic growth in the UK during the second quarter of the year has been revised up to 0.7% by the Office for National Statistics (ONS).

The initial estimate, released in July, suggested growth domestic product (GDP) - the UK's economic output - had risen by 0.6% from the previous quarter.

The ONS said the revision reflected small upward adjustments to the estimated output of several industries.

Compared with a year ago, GDP in the three months to June was 1.5% higher.

The latest revision adds to evidence that the UK economic recovery may finally be gaining momentum after almost four years of stagnation since the 2008-09 recession ended.

The 0.7% rate matches the pace recorded during the third quarter of 2012, when the economy was buoyed by the London Olympics, which was itself the fastest growth rate since 2010.

However, the ONS cautioned that the current rate of economic growth is still well below the rate experienced during previous recoveries from recessions since 1945 - during which the economy has typically enjoyed a short burst of growth as it caught up with its pre-recession level.

The revised data confirmed that all four major sectors of the economy - services, industry, agriculture and construction - had expanded during the three months to June.