Economy

UK economy fires ahead

Business leaders have welcomed news of strong growth in the UK’s recovering economy.

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Business leaders have welcomed news of strong growth in the UK’s recovering economy.

Economy

UK economy fires ahead

Business leaders have welcomed news of strong growth in the UK’s recovering economy.

Share this article

Business leaders have welcomed news of strong growth in the UK’s recovering economy.

Official figures show UK gross domestic product leapt 0.8 per cent during the first three months of 2014 and was 3.1 per cent up on the same period in 2013.

Analysts predict growth to continue strongly for the rest of 2014, before slowing slightly next year. However, the economy remains 0.6 per cent smaller than it was six years ago before the global financial crisis started.

The government figures show growth driven by service sector businesses, although other sectors are also showing signs of gathering momentum.

Katja Hall, CBI chief policy director, said: “The economy is motoring ahead with progress across many sectors as confidence continues to build among businesses and consumers.

“Growth in the first quarter was mostly driven by the service sector, but we’re also seeing our industrial base playing an important role in the recovery, with manufacturing output rising steadily.

“We expect economic momentum to be maintained throughout the year with a broader-based recovery as business investment takes off.”

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UK economy fires ahead

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