UK economic growth confirmed at 0.8%

The UK economy grew by 0.8% in the first three months of 2014 official figures have confirmed, as households spent more and firms lifted investment.

The latest figures confirm the initial estimate from the Office for National Statistics (ONS) and also confirm the economy grew 3.1% from a year earlier.

The UK is now one of the fastest growing western economies.

The UK’s economy remains 0.6% smaller than its peak in early 2008, but analysts now expect this milestone to have been passed when the ONS publishes its estimate of second quarter GDP in July.

Howard Archer, chief UK and European economist at IHS Global Insight said it was “odds-on” the economy would finally surpass the first quarter 2008 peak level in the current quarter.

“It’s been a long time coming but hopefully the economy can now sustain decent growth for an extended period,” he added.

He also revised up slightly his forecast for UK economic growth to 3.1% for 2014.

Source: BBC News