The revised GDP estimates by the Office for National Statistics (ONS) show that growth in the latest quarter was upwardly revised, however, the economy continues to slow.

The data from the ONS reveals that the UK is not currently in recession, as predicted by the Bank of England earlier this month, which estimated the economy would shrink by 0.1%.

Although the figures show economic growth occurred in Q2, it remains below pre-pandemic levels.

The ONS said: ‘The level of real GDP is now estimated to be 0.2% below where it was pre-coronavirus at quarter 4 (Oct to Dec) 2019, downwardly revised from previous estimates of 0.6% above’.

However, it also noted that the UK economy shrank by 11% in 2020, rather than the earlier figure of 9.5%, reflecting the effects of covid-19 restrictions.