UK economy on track

Now Reading:

UK economy on track

Text size Aa Aa

UK economic growth is picking up according to the second-quarter statement from the country’s Office for National Statistics.

Gross Domestic Product grew by 0.7 percent in the April -June period, in line with forecasts.

The increase is due to growth in the dominant services sector as well as one of the biggest surges in oil and gas production in the past 20 years

The ONS said economic output per head in the UK is now more or less what is was in the first quarter of 2008, before the devastation of the financial crisis.

Last year Britain recorded its fastest growth in eight years. Earlier this month the Bank of England Governor, Mark Carney, said a decision on when to raise interest rates from their record low would be taken towards the end of this year.