Britain is in 'poll position' to be the
best performing major economy in the world after securing growth of 2.6 per
cent in 2014, new figures showed today.
It is the highest level of annual
growth since before the financial crash, which David Cameron said was
proof that the government's economic plan is working.
But the data showed the pace of
expansion slowed more sharply than expected in the last three months of the
year.
The annual figure for the whole of 2014 is the best since 2007, before the recession. It puts the UK on course to have been the world's fastest growing major economy last year.
But
gross domestic product (GDP) rose by just 0.5 per cent in the fourth quarter,
the weakest level in a year, weighed down by a construction sector which shrunk
at its worst pace for more than two years.
Growth
of 0.5 per cent puts the UK in poll position to be the fastest growing G7
economy in 2014 Lib Dem Danny Alexander
The
growth figure for 2014 was widely expected, though falls short of the 3 per
cent forecast last month by the independent Office for Budget Responsibility
(OBR). It beats 2013's figure of 1.7 per cent and matches the 2.6 per cent
recorded in 2007.
US
growth figures are due to be published on Friday. The International Monetary
Fund (IMF) estimates its growth at 2.4 per cent.
The British economy is
now 3.4 per cent bigger than the pre-recession peak at the start of 2008,
according to the ONS.
Lib
Dem Chief Secretary to the Treasury, Danny Alexander said: 'Quarterly growth of
0.5 per cent puts the UK in poll position to be the fastest growing G7 economy
in 2014.
'There
is much more to do, but this figure represents solid progress, especially
against a backdrop that sees many of our key markets still suffering from
economic problems.'
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