Recent GDP figures released have shown that the UK economy grew at its fastest rate in 2014 for the past 9 years. These figures were released by the Office of National Statistics (ONS) and showed a 2.8% growth over the year. The rate of growth was expected to be 2.6% for 2014.
These figures meant that the overall growth for the UK was in line with the pre recessional figures of 2006.
Another good factor for the economy is that household spending also recorded a bumper rise of 0.6pc in the quarter. At £263.9bn, it is at its highest level since the ONS began recording the data.
As well as increased spending there was also a slight decrease in the UK’s current account deficit which has reduced to £25.3 billion from £27.7 billion in the third quarter, but still represents the largest deficit since records began in 1948.
Vicky Redwood, chief UK economist at Capital Economics says that the figures represent “something of a cloud” over the UK’s robust economic performance and that ”the latest economic news suggest that growth has picked up again since the start of the year,”.
Ms Redwood continued that “We still expect solid GDP growth this year of 3pc.”
