The UK’s economic recovery ‘gathered pace’ during 2014 according to UK government figures collated by the Office of National Statistics (ONS).
The level of GDP was around 2.2% higher in Q3 2014 than in Q4 2013, including a strengthening of investment in both the public and private sectors and greater spending by households. UK labour productivity rose by 0.6% in Q3 2014, the strongest rise seen since Q2 2011 when productivity rose by 1.3%.
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The ONS said broad indicators of spare capacity within firms’ finances and the labour market were showing signs of a reduction compared to a year earlier.
There was a dampener according to the ONS: output in UK production and construction industries remained below respective pre-downturn levels, but output growth resumed across a broad range of industries.
The ONS said: ‘Although our understanding of the UK’s economic performance during 2014 will continue to evolve into the New Year, it is clear that the recovery has gathered pace over the last 12 months.’
