Latest figures show the UK economy grew at a rate of 0.8 percent in the third quarter easily surpassing the 0.4 percent predicted by analysts. The increase also follows a 1.2 percent jump in the second quarter.
“This is the second major GDP growth surprise in a row and suggests that the UK economy is more resilient than many had feared,” said James Knightley, economist at ING. “The government will no doubt take this as a sign that the private sector can fill the gap created by public sector cuts, but with consumer confidence, hiring intentions surveys and housing activity data all softening we remain cautious.”
Source: BBC News
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