The Office of National Statistics recently confirmed that the United Kingdom economy grew by nearly 2% last year. This may not seem significant, but it is reportedly the highest rate since 2007. This suggests that the economic recovery may finally be gaining momentum.
The UK economy has been plagued with a number of problems over the last few years. The U.S. banking crisis drove the world into a prolonged recession. Millions of citizens were impacted by the PPI crisis and forced to file claims to get their money back. The country has entered and emerged from recession three times since 2008.
The economy has been a major sticking point for people all across the country. They hope that things will finally start to get better.
The new report from the ONS suggests that a real recovery may finally be on its way. Many citizens remain hopeful, but are also cautiously optimistic. They have been told that the economy has been on track before, but want to feel it before they believe it.
The ONS report for 2013 shows that the economy grew at its fastest pace in six years. However, the report also shows that GDP growth fell slightly in the fourth quarter.
Some economists are worried that this may indicate that economic growth is starting to fall again. Others said that we shouldn’t put too much stock in this figure. It is most likely an outlier and growth will continue to pick up again in the coming year. This point hasn’t hurt consumer sentiment too much, but it has given consumers another reason to remain skeptical of the economic recovery.
George Osborne said that he is optimistic that the recovery is finally on track. He said that the manufacturing sector has been growing significantly over the past year. He said that is committed to the policies that are steering the economy in the right direction.
Osborne said that people throughout the country have benefited from the recovery. He said that nearly half a million jobs were created in the past year and believes job creation will soar in the near future.
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