UK Q1 economic growth figures expected to be revised upwards


The Office for National Statistics (ONS) will today provide its second estimate for first quarter UK economic growth.

Last month, the ONS said GDP expanded by an estimated 0.2% in the first three months of the year.

However, this was the first estimate, which is based on just 40% of the full set of data.

According to analysts, the second estimate will be revised upwards since industrial production surged at its fastest pace in almost two years in March.

An upward revision to economic growth would provide a boost to the new coalition Government, which yesterday outlined plans to shave £6.2 billion off public spending this financial year.

Earlier this month, influential think tank, the National Institute of Social and Economic Research (NIESR), said the UK economy expanded by 0.5% in the three months to April.

The ONS is scheduled to release the GDP figures at 9.30am today.

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