29 January 2015

UK GDP growth highest since 2007.

By PRW Staff
The UK’s economic recovery remains strong, according to the latest figures from the Office for National Statistics.
GDP in 2014 as a whole was up 2.6% on 2013, and indeed was 2.7% higher in the fourth quarter of 2014 compared with the same period a year ago.
However the figure is estimated to have increased by just 0.5% in the last three months of 2014 compared with growth of 0.7% in the previous quarter.
Output increased in two of the four main industrial groupings within the economy in the fourth quarter of last year. Services rose by 0.8% in services and 1.3% in agriculture. In contrast, output decreased by 1.8% in construction and 0.1% in production.
Estimates put GDP in the fourth quarter of 2014 3.4% higher than the pre-economic downturn peak of early 2008. From the peak in the first quarter that year to the trough in the second quarter of 2009, the UK economy shrank by 6.0%.
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