Strong GDP figures expected

OFFICIAL figures due to be released later this morning are expected to show the UK’s economic growth in 2013 was the strongest since 2007.

The data is also expected to confirm that 2013 was the first year since 2007 that saw constant economic expansion.

Latest forecasts predict that data from the Office for National Statistics will show a fourth consecutive quarter of gross domestic product (GDP) growth in 2013.

Although the rate of economic expansion slowed to 0.7% from 0.8% the previous quarter, it would still mean overall growth of 1.9% in 2013, up from 0.3% the previous year.

That figure would amount to the fastest growth since 3.4% in 2007 before the financial crisis took hold.

GDP growth of 0.5% in the first quarter of 2013 was followed by 0.8% in the second and third quarters of the year.

It has been predicted that the latest figures be just under the 0.9% forecast by the Bank of England for the fourth quarter.