Sunday, 11 May 2014

UK GDP 'close to pre-crisis level' says NIESR

Welder

The UK economy is close to regaining its pre-financial crisis level of economic activity, according to research organisation NIESR.
Economic output at the end of April was just 0.17% below its pre-recession peak, it said.
Separately, official figures showed strong growth among manufacturers.
Manufacturing output grew by 1.4% in the first quarter of the year, the strongest pace since 2010, the Office for National Statistics (ONS) said.
Picking up pace
The National Institute of Economic and Social Research (NIESR) said it expected GDP to regain its first quarter 2008 level within a short time scale.
"It can reasonably be expected that the peak will be regained within the next month or so," NIESR said.
Separately, NIESR upgraded its growth forecast for the UK economy to 2.9% in 2014, from an earlier estimate of 2.5%.
It increased its growth estimate for 2015 to 2.4% from 2.1%, and sees growth remaining at about 2.4% for the following two years

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