Economic growth fastest since 2007

BRITAIN’S economy grew by 1.9 per cent last year, the fastest pace since 2007, official figures showed today.

The pace of expansion slowed slightly to 0.7 per cent in the fourth quarter after the construction sector shrank due to a poor performance in November.

But the figures from the Office for National Statistics (ONS) suggested that the UK has now recovered the lion’s share of gross domestic product (GDP) lost during the recession.

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ONS chief economic adviser Joe Grice said: “We have now seen four successive quarters of significant growth and the economy does seem to be improving more consistently.

“Today’s estimate suggests over four-fifths of the fall in GDP during the recession has been recovered, although it still remains 1.3 per cent below the pre-recession peak.”