Strong GDP figures expected this morning

ECONOMISTS are predicting that the GDP figures, released later this morning, will reveal that the UK economy grew by around 2% last year.

If their calculations are correct it will mean 2013 was the best performing year for the economy since 2007, the year before the recession began.

The GDP (gross domestic product) data is also expected to confirm that 2013 was the first year since 2007 that saw constant economic expansion.

In the third quarter of 2013 the economy grew at 0.8% and analysts expect a similar – or slightly lower – reading for the final three months of the year.

However, although the predicted figures are encouraging and point to a sustained recovery, economic growth remains well below 2007, when growth was at 3.4%.