UK economy grows by 0.5% in June – defying expectations

So the economy has defied the predictions of doom once more. The latest figures released by the Office for National Statistics (ONS) this morning show that the economy grew by 0.5 per cent in June, more than countering a 0.1 per cent fall in May, widely attributed to the extra bank holiday for the coronation.

Over the three months to June the economy grew by 0.2 per cent, following a 0.1 per cent expansion in the first quarter. One of the most promising aspects of today’s figures is that all sectors of the economy grew in June, with production (1.8 per cent) and construction (1.6 per cent) outpacing services (0.2 per cent) for once.