The UK's economy is expected to grow by 0.9 per cent this year, according to a revision announced by the International Monetary Fund (IMF) today (July 9th).
It had previously been predicted there would be a 0.7 per cent expansion in the nation's economy in 2013, but the IMF has now revised this figure upwards.
At the same time, it was confirmed that the IMF has cut its forecast for global economic growth.
A Treasury spokesman welcomed the Fund's upgrade, noting that the economy in the UK is now moving from "rescue to recovery".
He said: "But the IMF again warns of the continued risks to the global economy, showing that the recovery cannot be taken for granted."
The UK's economy grew by just 0.3 per cent in the first quarter of the year, according to data revealed by the Office for National Statistics.
However, the body said the economy did not fall into a double-dip recession as it had previously claimed.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.