UK economy grows more than thought

The U.K. economy grew more than previously thought in the second quarter of 2014, new data showed on Tuesday, with gross domestic product expanding 0.9 percent from the first quarter rather than 0.8 percent initially estimated.

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The Office for National Statistics also released revised data which showed the economy surpassed its pre-crisis peak earlier than previously estimated. It said the economy surpassed its pre-crisis peak in the third quarter of 2013. Previously it was thought the U.K. achieved this only in the second quarter of 2014.

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The new data also showed that the economy shrank by 6 percent in the recent downturn rather than the 7.2 percent previously estimated.

Overall however, the average absolute quarter-on-quarter revision between 1997 and the second quarter of 2014 was only 0.16 percentage points.

UK economic plan working: PM Cameron
UK economic plan working: PM Cameron   

The revisions in national accounts in the last 15 years are a result of new international standards, which ONS Chief Economist Joe Grice said have "altered the picture of the UK economy".

"While the changes included in these national accounts are far reaching, the net difference they make to the path of the economy is limited. The average growth rate over the whole period is little changed," Grice said in a statement.

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"The recent downturn continues to be the deepest since ONS records began. It was followed by a period of quite significant recovery, then a much slower and bumpier one. The new figures also confirm that growth has become stronger over the last 18 months or so," he said.