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UK economy growing at fastest rate

Business Desk |
Update: 2014-01-28 06:26:07
UK economy growing at fastest rate

DHAKA: The economy grew by 0.7% in the fourth quarter of 2013, according to the Office for National Statistics.

It said gross domestic product was growing at 1.9%, the strongest since 2007.

‘We’ve seen growth in most parts of the economy,’ said Joe Grice, chief economist at the ONS, reports the BBC.

However, fourth quarter growth was down slightly on the third quarter`s 0.8% figure and annual growth remains well below 2007`s 3.4% pace.

The UK’s service sector, which makes up more than three-quarters of economic output, rose by 0.8% in the fourth quarter, the ONS said, matching its performance in the previous quarter.

But industrial production fell slightly from 0.8% to 0.7%, dragged down by falling North Sea oil and gas output.

BDST: 1718 HRS, JAN 28, 2014

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