26992
Post-Recession UK Economy Grew Faster
World Economy

Post-Recession UK Economy Grew Faster

The UK economy emerged from the recession more strongly than previously thought, according to revised official figures.
The latest revisions from the Office for National Statistics show that the economy is now estimated to be 5.9% above its pre-recession peak, compared to initial estimates of 5.2%, BQLive reported.
It said that growth was stronger between 2011 and 2013 than previously thought and the economy passed its pre-downturn peak in the second quarter of 2013, one quarter earlier than previous estimates.
The ONS data also confirmed UK gross domestic product growth of 0.7% for the second quarter, driven by the dominant services sector, up from a disappointing 0.4% in the first quarter of the year.
Economists say these revisions from previous years will give a boost to Chancellor George Osborne ahead of his spending review and autumn statement in November. The Chancellor will be under less pressure to slash spending, as this extra growth means tax revenues can be revised upwards.
In another welcome boost for the economy, official figures also showed Britain’s current account deficit narrowed sharply in the second quarter thanks to a surge in exports and a growth in earnings on investments overseas.
The UK’s current account deficit reduced to £16.8 billion ($25.5 billion) in the second quarter, down from £24 billion in the previous three months, according to the ONS. That makes the deficit equivalent to 3.6% of GDP, down from 5.2% in the first quarter.
A Treasury spokesman said: “These new figures from the ONS show that the UK was the fastest growing G7 economy in both 2013 and 2014. Coupled with family income growing by 3.3% in real terms over the last year and the smallest trade deficit since the late 1990s.”

Short URL : https://goo.gl/lv7Cjs
  1. https://goo.gl/orXlse
  • https://goo.gl/6CFPuq
  • https://goo.gl/IFJIpt
  • https://goo.gl/W450a6
  • https://goo.gl/sRw3Ho

You can also read ...

Saudi Arabia Facing Uphill Battles
Saudi Crown Prince Mohammed bin Salman’s Vision 2030 scheme...
The popular Tesla Model S is due to sell by the end of this month in China, at which point the price will go up about $20,900.
More than a week has passed since the US and China fired the...
Switzerland has the smallest ratio with 7.2% of GDP.
The shadow economy in Jordan accounted for 17.38% of the GDP...
The bankruptcy of investment bank Lehman Brothers on September...
German Cabinet Warned of Economic Risks
The chief of Germany’s central bank, Jens Weidmann, warned the...
The Bank of Italy revised its growth estimates down to 1.3% for 2018, and to 1% for 2019.
Italy's already weak growth forecasts were revised downwards...
Airbus, AirAsia Discussing $23 Billion Deal
The Malaysian airline, already the second-biggest customer for...
Pakistan Raises Key Interest Rate
Pakistan’s central bank on Saturday raised interest rates by...

Trending

Googleplus