UK growth forecast raised by OECD

<p>The OECD has raised its growth forecast for the UK economy.</p>

The UK's economic growth forecast has been improved by the Organisation for Economic Cooperation and Development (OECD) in its latest analysis.

It suggested the UK's economy could now expand by 1.5 per cent in 2013, up from a previous estimate it made of 0.8 per cent growth for the year as a whole.

The UK's economy grew by 0.7 per cent in the second quarter of the year, with this figure having been revised upwards from 0.6 per cent by the Office for National Statistics recently.

In its new report, the OECD stated that the UK, North America and Japan are among the places where activity was expanding at "encouraging rates".

The OECD also pointed out that UK growth gained momentum through the first half of the year and this trend is likely to continue in the second half of 2013.

Last month, the British Chambers of Commerce upwardly revised its 2013 growth forecast for the UK to 1.3 per cent from its previous estimate of 0.9 per cent.

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