UK Economy Growing at Major Rate

UK Economy Growing at Major Rate

The UK economy is expanding and the days of talking of recovery are nearly over according to many.  The Office for National Statistics has released data indicating the economy is growing at a rate faster than any other time within the last six years.  Between the second quarter of this year and the same time last year the economy grew at 3.2%.  A rate of slightly less than that (3.1%) had previously been calculated.

The UK economy is leading the field within Europe, growing at a faster rate than the economies of Germany, Italy and France.

Recently, a spokesman commented on the latest economic data, saying: “Today’s figures confirm that our economy has recovered all of the output lost in the great recession and is now bigger than its previous peak in the first quarter of 2008.”

The UK economy is demonstrating its determined nature as it has come to be level with Poland as the third fastest growing economy in the EU.  Only Hungary and Latvia are at a quicker pace of growth.

David Kern chief economist at the British Chambers of Commerce commented on the latest economic data, saying: “These figures provide further evidence that the UK recovery remains on course.”

Kern continued, saying: “While the strength of the recovery, coupled with the positive job figures should underpin business confidence, further efforts must be made to rebalance the economy towards exports.

“Recent figures showing stagnant growth in the eurozone will add to the challenges facing our exporters and reinforces the need to diversify our trade into new, dynamic markets outside of Europe.” 

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