The most recent data released by the Office of National Statistics (ONS) indicates that the economic recovery in Britain has “gathered pace”.
Comparing GDP for Q3 of 2014 with the same period in 2013, the level had risen by 2.2%. The rate of investment in both the public and private sectors had also grown. In addition, household spending is also higher than it was the year before. These are all strong indications that the economic recovery is gathering pace, according to the ONS.
Productivity also rose by 0.6% during Q3 of 2014, which coincided with a period of real-wage growth. This rise in labour productivity is the biggest since Q2 of 2011, which recorded an increase of 1.3%.
A spokesperson from the ONS stated:
“Although our understanding of the UK’s economic performance during 2014 will continue to evolve into the New Year, it is clear that the recovery has gathered pace over the last 12 months.”
The Quarterly National Accounts showed that the economy in Britain grew at an unrevised rate of 0.07% during Q3 of 2014. This contributed to the annual growth rate of 2.6%.
Output rose for the seventh successive quarter, which is the longest period of sustained growth since the economic crisis began in 2008. However, while economic progress resumed across a wide range of industries, the output in many sectors was still lower than it was in 2008.
At DJB, we are seeing evidence of this economic recovery, with more firms coming to us for advice about using asset financing to secure the money that they need to grow their businesses.