The prospects of the UK entering the sunlit uplands of recovery seem to have steadily increased since the previous GDP data in April this year, when the 0.3 per cent increase in the first quarter was announced.
Unofficial surveys published since then have suggested continued improvement, while revisions to ONS data revealed that the double-dip recession from 2011 to 2012 never happened.
Yet the revisions turned out to be double-edged, confirming that the initial recession following the financial crisis was far worse than first feared. It meant the economy was still 3.9 per cent below its pre-crisis peak – with the gap previously thought to be 2.6 per cent.
Doubts also remain about the strength of the recovery, with fears over risks posed by the turbulent eurozone and the consumer-led nature of the economy’s progress.