UK economy up 0.8 percent in the second quarter

Nathan Andrada – Fourth Estate Cooperative Contributor

London, England, United Kingdom (4E) – The UK economy expanded in the second quarter, which topped prerecession peak, according to official data released Friday.

Britain’s economy grew 0.8 grew in the second quarter, and 3.2 percent on annualized terms, according to the Office for National Statistics (ONS). Gross domestic product (GDP) was 0.2 percent at the end of June, higher than its precrisis high in the first quarter of 2008, the ONS said.

The increase in the second quarter output is the sixth consecutive quarterly gain after a long stagnation and deep recession. The International Monetary Fund said on Thursday that the UK economy will grow 3.2 percent in 2014, making Britain among the best performing economies this year.

The recovery in the economy means the Bank of England (BOE) will be one of the first of the major central banks to end crisis-era monetary policy and start increasing interest rates. Analysts expect the BOE to introduce tightening policies in early 2015.

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