I think it is good news but I think some members of the government, and the right wing press, are getting carried away by claiming on the first run of cautiously optimistic figures in a few years, to say "the UK is on the road to recovery, we have won the economic argument".
To put things in context, the last three quarterly GDP growth rates
2012 Q4 -0.2
2013 Q1 0.3
2013 Q2 0.7
whereas the last three quarterly growth rates before the Coalition took over were:
2009 Q4 0.4
2010 Q1 0.5
2010 Q2 1.0
so the economy is not actually growing as fast as it was in the run up to the last election under the Labour government.
This is the best run since the Coalition has been in power but they are comparing it to the past performance under the Coalition when talking about 'good news', we haven't yet really got in a better position than we were in 2010.
is a similar story.
Unemployment in June 2010 was 7.8%, the latest figures are for June 2013 which are 7.7%. That's a four percentage point improvement on June 2012 (8.1%) which is a good performance over the past year but the only reason it looks good is because it rose under the Coalition before it fell.
GDP per person
has fallen since Q2 2010 and also fallen in the past year, so the rate of GDP growth is slower than the population increase. The same story happens with real household average income
which again has fallen 3% since the election and also fallen 1% in the past year. These are the types of figures which reflect what average voters actually feel in terms of their personal economic situation so the danger is if Conservative politicians and right wing journalists (generally people that have above average incomes anyway and so have decent means to support themselves) crow too much about a booming economy, they will end up being seen as out of touch if the average Jo Bloggs is finding it a struggle.
Finally don't forget the position on national debt
. In June 2010 net debt as a proportion of GDP stood at 58.6%, in June 2013 it was 74.9%, which is even rising from June 2012 when it was 71.6% or June 2011 (67.7%). To put these debt figures in context, in September 2008 at the time of the collapse of Lehmann Brothers it was 40.0% so we have seen a considerable rise since then.
Whilst the debt ratio is continuing to rise its a bit odd to be shouting about having won the battle on the economy.