Recovery in British economy quickens
Print Edition
The British economy grew at its fastest rate in six years during 2013, the latest in a string of indicators showing that the recovery is gaining momentum.
Following a 0.7 percent quarterly rise in the final three months of the year, the British economy has now grown for four straight quarters, figures from the Office for National Statistics showed yesterday. All the sectors assessed, excluding construction, posted gains, with services doing best with a 0.8 percent rise.
As a result, the British economy grew by 1.9 percent in 2013. That was the best rate since a 3.4 percent growth in 2007 and marks Britain out as one of the best-performing advanced economies. Still, unlike, say the US and Germany, the British economy remains smaller than it was in 2008 when the global financial crisis really bared its teeth and prompted the country’s deepest recession since World War II.
“The economy does seem to be improving more consistently,” the statistics office’s chief economic adviser Joe Grice said. “Today’s estimate suggests over four-fifths of the fall in GDP during the recession has been recovered, although it still remains 1.3 percent below the pre-recession peak.”
Despite the relatively upbeat figures, a number of economists expressed caution, citing structural imbalances that will become more evident over time.
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