By Jonathan Davies

The UK economy grew by 0.4% in the first quarter of 2015, up slightly from previous estimates, the Office for National Statistics (ONS) has confirmed.

The ONS said the increase in GDP comes as a result of a better-than-expected performance in the construction industry.

The statistics organisation also upgraded its growth for the year to March from 2.5% to 2.9%. Growth for the whole of 2014 was also raised to 3%, the fastest economic growth since 2006.

Jeremy Cook, chief economist at the international payments company, World First, said: “There is a world outside Greece and this little part of it is growing at a solid rate.

“2.9% on the year is not spectacular growth but it does represent an economic performance that is a lot more dependable than most."

He added: "Our outlook remains that UK growth will sit at around 3.3-3.5% on the year through the rest of 2015 — barring a Grexit catastrophe — and this expansion will be driven once again by the services sector and improvements in wage settlements as the year goes on.”