Economic growth picks up for the UK in Q2

The UK's economy saw accelerated growth during the second quarter, it has emerged – and according to official figures from the Office for National Statistics (ONS), the improvements can be partly attributed to a jump in oil and gas production.

During the April to June period, the UK's economy grew by an estimated 0.7 per cent – that's up from 0.4 per cent growth during the first quarter. In addition, output in the economy during the period was 2.6 per cent higher compared to last year.

ONS chief economist Joe Grice said that the improvement brings the growth back to what was previously considered normal: "After a slowdown in the first quarter of 2015, overall GDP growth has returned to that typical of the previous two years," he explained.

Mr Grice also pointed out that the results, which were released on Tuesday (July 29th) indicated that GDP per capita was returning to pre-2008 levels. 

The figures also mark ten consecutive quarters of sustained economic growth.

Industrial output up one per cent

According to the ONS figures, oil and gas production in the North Seas has seen a surge, lifting the "mining and quarrying" component of industrial figures by 7.8 per cent – the biggest increase since 1989, despite falling oil prices.

This has also helping the overall figures for industrial output climb by one per cent, resulting in the biggest increase since late 2010. However, UK manufacturing quarterly figures dropped by 0.3 per cent – the first time there's been a dip in two years.

Meanwhile, construction was flat in the period – the ONS says it is recovering from a slight drop during the first quarter.

Commenting on the figures, chancellor George Osborne told the BBC that the UK was moving forward.

"Our economy [is] producing as much per person as ever before. But there are clear risks out there in the world economy from the eurozone to what's happening in the world's stock markets, and so it's vital that we stay on the road that we've set out on," he said.