Good Signs In The UK Economy, Growth Rate Jumps By 1.1%

The Office of National Statistics has said that the growth rate figure is almost twice the predicted figure of 0.6% by the economists. It is the highest and the fastest quarterly growth rate that the British economy has ever seen since 2006. In the last three months it has gone up to 1.1% from 0.3%.

This growth rate has been awarded due to the work in the service sector of the country, which comprises three quarters of the British economy. Business and the finance sector too has witnessed strong growth rate in the past three years, it rose by 1.3% in the previous quarter.

The construction sector has also played a strong role in the economic growth, specifically talking, the constructors had undergone bad weather situation in the beginning of the year and hence to keep up with the incomplete work there was a swift growth in this sector particularly.

Bad news came only from the communications and transport sector, as the percentage fell by 0.7% this quarter, and one main reason was the Icelandic volcano that had played an important role in disturbing transportation’s in Britain. The growth by 1.1% was last seen during the year 1999.

Source: BBC