The UK Economy is Optimistic for the Rest of the Year

EconomyIt has been confirmed by official figures that the UK economy has soared by 0.7% in the second quarter. The growth in economy has certainly been the result of improvements in the construction and industrial sectors. The economies have expanded at their fastest pace for three years.

Chris Williamson, chief economist at research firm Markit, said, "The UK economic recovery gained momentum in the second quarter, and a further acceleration of growth looks likely in the third quarter in what's looking like an increasingly broad-based and sustainable looking upturn".

PMI surveys have been reported to have hit record highs in recent months. As far as GDP is concerned, it is likely to have risen by at least 1.0% in the three months to September.

Lee Hopley, who is a Chief economist at the manufacturers' association, the EEF, also welcomed the positive industrial numbers.

She said that there are very good chances of the prospects for the remainder of this year with industry surveys on the up.

The growth rate was also revised up by the Office for National Statistics. The rate has been revised for the first quarter of the year to 0.4% from 0.3%.

The ONS also revealed that the UK's economy has sought a growth from 0.1% during 2012 as a whole. It was down from its previous estimate of 0.2%.