GDP tipped for upwards revision as UK momentum continues

UK GDP grew by 0.6% in the second quarter, according to the initial estimate released by the Office for National Statistics on 25 July. The second of three estimates is due this Friday. Investec chief economist Philip Shaw is among those expecting a small upwards revision to 0.7%, pointing to an over-cautious assessment of services sector growth. That revision has been preceded by others upping their GDP forecasts for 2013 as a whole. Capital Economics, typically among the more bearish of forecasters, has upgraded its 2013 forecast from 0.8% to 1.2%, based on a strong of recent pos...