GDP estimate eked out: reasons to be cheerful?

The UK’s GDP estimate for the second quarter of 2013 has been revised up to 0.7%.

Analysis from the Office for National Statistics shows the rate of growth was above that of the US at 0.4% and Japan at 0.6%.

Estimates in July had pinned the growth rate for Q2 at 0.6%.

Compensation of employees, which includes both wages and salaries and pension contributions, increased by 2.4% in Q2 2013, the highest quarterly increase since Q3 2000.

The Forum of Private Business said the GDP revision was positive, but there was still no room for complacency.

CEO at the Forum, Phil Orford MBE, said: “Cash flow, access to finance and the cost of compliance remain concerns for our members. Further government attention and business support is essential if small businesses are to full take advantage of brighter skies ahead.”