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News - 28 January 2015

UK economy shows largest growth since 2007

Figures from the Office for National Statistics (ONS) showed the economy grew by 2.6% last year, the fastest pace since 2007 and up from 1.7% in 2013.

However, in the final three months of 2014, the economy grew by 0.5%, which was a slowdown from 0.7% growth recorded in the previous three months.

The ONS's chief economist, Joe Grice, said it was "too early to say" if this slowdown would persist.
"The dominant services sector remains buoyant while the contraction has taken place in industries like construction, mining and energy supply, which can be erratic," he said.


Liz Kennett, Manager of the Accounts Department of ABDS comments:
“The services sector grew by 0.8% in the quarter, but construction contracted by 1.8%. Manufacturing grew by just 0.1%, its worst performance since the start of 2013. However, a fall in energy supply of 2.8% and in construction of 1.8%, are
in industries that tend to be volatile.

But the ONS figures are the first estimate of fourth-quarter growth and could be revised up or down as more economic data for the three months is gathered by the statistics office.”

Economists at the Centre for Economics and Business Research (CEBR) said they "wouldn't be surprised if the ONS figures are revised up over time, painting a stronger picture for economic performance at the end of the year".


If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Liz Kennett now to discuss how ABDS can help in all your Business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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