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UK鈥檚 economic recovery broadens in Q4 last year
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Britain’s economic recovery broadened in the last three months of 2013, driven by a pickup in business investment and trade that will hearten the Bank of England and the government.
Consumer spending and a turnaround in the housing market have been the main drivers behind Britain’s surprisingly rapid upturn, which started last year.
But yesterday’s data suggested a more balanced economic recovery may be building, little more than a year before a general election.
Gross domestic product rose by 0.7 percent in the fourth quarter, the Office for National Statistics said, unrevised from an earlier estimate and in line with forecasts.
That capped off the fastest rate of full-year growth since the financial crisis.
“This provides some hope that the recovery is gaining breadth even if, as we expect, overall growth slows during the course of this year,” Deutsche Bank economist George Buckley said.
Business investment rose 8.5 percent in the fourth quarter compared with a year earlier, the fastest upturn since the first quarter of 2012.
Household spending rose 0.4 percent on the quarter.
Net trade also contributed strongly to growth.
Britain’s Treasury highlighted the growth in business investment, saying it was a sign that the government’s economic plan was working.
But a spokesman said more needed to be done and next month’s budget would seek to support investment and exports.
Revisions to the data showed business investment grew for four consecutive quarters for the first time since 2007.
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