Good news for the United Kingdom as the economy grew for the fastest time since 2007, increasing by 2.6 per cent according to figures released by the Office for National Statistics (ONS) today.
This was an increase on last year’s statistics as the economy grew by 1.7 per cent in 2013.
The figures also showed that during the last three months of 2014 , GDP (Gross Domestic Product) rose by 0.5 per cent although this was a slow down of 0.7 per cent recorded in the previous three months.
ONS chief economist, Joe Grice, said that it would be too early to say whether or not the slow down would persist.
He said: “The dominant services’ sector remains buoyant while the contraction has taken place in industries like construction, mining and energy supply, which can be erratic.”
The services sector grew by 0.8 per cent in the last quarter of 2014 but the falls in construction and industrial output have been the largest since 2012.
Meanwhile manufacturing only grew by 0.1 per cent, its worst performance since the start of 2013.
George Osbourne, the Chancellor of the Exchequer, has said that the recent figures showed the economy was on track, although he warned that as the international economy is ‘getting worse’ the government needs to keep on top of its economic strategy.
Richard Kneller, economics professor at University of Nottingham said: “The UK economy is slowly going back to what it was.
“This can be associated with the rising employment and that there’s no suggestion of a significant inflation rise.
“The economy is performing reasonably well as a whole.”