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Revisions in UK growth forecasts

The Office for National Statistics has revised its figures for UK economic growth in the second quarter of 2003.   The new figure puts gross domestic product at 0.6% - double the original estimation.  The ONS put the revisions down to a recovery in the construction industry, which grew by 4.4%.

The news means that Chancellor Gordon Brown's forecast of 2.0% to 2.5% growth - which was criticised by many as being 'overly optimistic' - was more on course that previously thought.  The economy would now need to grow by 0.7% in the last two quarters of the year in order for the annual average to reach 2%.

However, the revisions have raised fears over interest rates and taxes. Economists are warning that the news could lead the Bank of England to raise interest rates in the near future.

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