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16 May 2014

Is the British Economy close to passing its Pre-Crisis Peak?

Is the British Economy close to passing its Pre-Crisis Peak?

Optimism among British manufacturers is at its highest since 1973, with factory orders growing at the fastest rate since 1995.

 

In 2008 and 2009 Gross Domestic Product (GDP) crashed 7.2%, and nearly 5 years later, still remains 1.4% below its peak. However in the first quarter of 2014 The Office for National Statistics said GDP expanded 0.8%, with the Bank of England expecting the second quarter to be only a little weaker, this is up from 0.7% at the end of last year. If this is the case that would make the British economy bigger than it was before the crash, and finally bringing an end to the longest downturn for at least a century.

This would put the size of the economy just 0.6% below its peak of £392.8bn for the first quarter of 2008, with annual growth likely to grow from 2.7% to 3.2%, breaking over the £392.8bn barrier in the second quarter of 2014. 

The star of the UK's economic performance is the manufacturing sector, which makes up a tenth of the economy, whose output jumped 1.3% and is growing at an annual rate of 3.4%.

 

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