UK economy grows 0.8 per cent in 1st quarter, almost back to peak before the financial crisis

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LONDON – Britain’s economy grew by 0.8 per cent in the first quarter of 2014, recovering much of the ground it lost during the financial crisis.

The Office of National Statistics said Tuesday that all the major industrial sectors assessed, excluding agriculture, posted gains, with services doing best with a 0.9 per cent rise compared with the previous quarter.

The statistics office’s chief economic adviser, Joe Grice, told the BBC that it now seems as if the economy has a different tone.

Unlike the United States and Germany, the British economy remains smaller than it was in 2008 when the global financial crisis hit hardest and prompted the country’s deepest recession since World War II.

But Grice says it is improving and is now estimated to be 0.6 per cent below the 2008 peak.

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