Experienced Investor
UK GDP grows by 0.7 per cent
Written By:
Kit Klarenberg
Posted:
Updated:
12/02/2015
The UK’s economic recovery accelerated in the three months to January, driven by growth in the service sector, according to research released today by the National Institute of Economic and Social Research.
UK GDP output grew by 0.7 per cent during this period, following growth of 0.5 per cent in Q4 last year.
The Institute added that consumer spending is likely to contribute significantly to GDP growth over the course of this year, following improvements in purchasing power driven by the sharp drop in global oil prices.
NIESR analysis also forecasts GDP growth of 2.9 per cent this year, and 2.3 per cent next year. The data reveals that the UK economy has returned to pre-crisis levels of growth.
