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The National Institute of Economic and Social Research (NIESR) released its estimate of gross domestic product (GDP) for the U.K. on Tuesday. The GDP estimate rose to 0.7% in three months to January, up from 0.5% in the fourth quarter of 2014.
The increase was driven by growth in services.
According to NIESR, the economy is expected to grow 2.9% in 2015 and 2.3% in 2016.
The economy will benefit from lower oil prices, NIESR said.
NIESR forecasts that inflation will be about 0.5% in 2015, while unemployment rate will be about 5.25% by the end of the year.
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