British economy grows to above pre-crisis level

25th July 2014, Comments 0 comments

Britain's economy grew in the second quarter, overtaking the size it achieved before the global financial crisis, official data showed on Friday.

Gross domestic product expanded by 0.8 percent between April and June from the first quarter, when it grew by the same amount, the Office for National Statistics said in a statement.

The economy is now 0.2 percent bigger than before its pre-crisis peak in early 2008, the ONS added in a major boost to Britain's coalition government before a general election due in May 2015.

Economic output in the second quarter was boosted by strong growth in industrial services and production, which eclipsed contractions to agriculture and construction.

Market shrugged off the data, which was in line with analysts' consensus forecasts.

The figures were published one day after the International Monetary Fund raised its 2014 economic growth forecast for Britain for the fourth time in a row to 3.2 percent.

Britain is predicted by the IMF to be the fastest growing major world economy this year.


© 2014 AFP

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