UK economy shows strongest growth since 2010 – Company Formations, England
The UK economy grew by 0.8 per cent in the third quarter of 2013, according to data from the Office for National Statistics (ONS), prompting Chancellor George Osborne to say the country is ‘on the path to prosperity.’
Output grew across all four main industrial groups, increasing:
1.4 per cent in agriculture
0.5 per cent in production
2.5 per cent in construction
0.7 per cent in services
It follows 0.7 per cent growth in the previous quarter and is the strongest quarterly growth since 2010.
Compared with the same quarter last year – which experienced particularly strong growth due to the Olympics and Paralympic Games – gross domestic product (GDP) was up by a total 1.5 per cent.
Commenting on his Twitter feed, Chancellor George Osborne said: “This shows that Britain’s hard work is paying off and the country is on the path to prosperity.”
It is the first preliminary estimate of GDP based on less than half of the total available data.
Chief economist for the ONS, Joe Grice, said: “We’ve generally had a gradual but bumpy economic recovery, but in the last two quarters we have had growth of 0.7 per cent and 0.8 per cent which is fairly healthy.”
“The result is an economy which is now 2.5 per cent below the pre-recession peak – two thirds of the fallen output has now been recovered.”