The final data for UK GDP in Q4 2013 were released today. Real GDP rose 0.7% over the third quarter, making 1.8% for the whole year, the best rate since the start of the Great Recession.
Much has been made in the media and government as well as mainstream economists about the dramatic recovery in the UK economy in the last year. And these figures have added to that optimism, especially as business investment rose 2.4% in Q4 over Q3, making a rise of 8.5% over this time last year. That sounds good.
As one mainstream economist, George Buckley of Deutsche Bank put it: “This provides some hope that the recovery is gaining breadth”. Another Chris Williamson of survey data firm Markit, said: “Economists have been busy revising up their forecasts for 2014, with the Bank of England in a particularly bullish mood, expecting growth of 3.4 per cent. Such…
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