LONDON (Reuters) - Britain’s economic growth rate doubled to 0.6 percent in the second quarter, largely driven by the private service sector, the National Institute of Economic and Social Research said on Tuesday.
The pace of expansion was unchanged from the three months ending in May, it noted in its monthly estimate, in a sign that the recovery is on a firmer footing after growth of only 0.3 percent in the first quarter.
“Production sector output has been flat since the rebound in February 2013. Nevertheless, this translates into a modest positive contribution to GDP growth in 2013 Q2,” the institute said.
NIESR’s estimate follows official data showing that manufacturing shrank in May at its fastest pace since January.
However, three surveys published a few hours earlier showed rising house prices, improved business confidence and steady growth in retail sales.
Reporting by Olesya; editing by Ron Askew Dmitracova