Belfast Telegraph

Gross domestic product recovered earlier than thought

By John-Paul Ford Rojas

The UK economy emerged from the recession slightly more quickly than previously thought, according to revised official figures.

Gross domestic product (GDP) is now calculated to have returned to its pre-crisis peak in the second quarter of 2013, one quarter earlier than estimated.

The new analysis from the Office for National Statistics (ONS) showed growth in 2010 was weaker than previously thought but stronger in the following three years.

ONS data is being revised to bring it into line with latest international standards. Figures for recent years have been boosted by upgraded adjustments for small business output. New data has also been included for 2011 to 2013.

Revisions so far cover the period from 1997 to 2013.

The effect on GDP to date will be published at the end of next month.

Belfast Telegraph