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The Office of National Statistics published that the GDP was up 0.8% in the first quarter. The annual rate of growth increased to 3.1%. It is fastest rate of annual growth since the fourth quarter of 2007. The projected quarterly rate was 0.9% and an annual growth of 3.2%.
Bank of England Governor Mark Carney said today that the U.K. recovery is starting to “broaden” and there are early signs of sustainable recovery. Market participants are expecting the hike of interest rates in the next year.
The Office of National Statistics Chief Economist Joe Grice said that the economy is now only 0.6% below the pre-recession peak at the beginning of 2008. He added services are now 2% above the pre-recession peak but the production and construction sectors are still around 12% lower.
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