UK economy recovers output lost to crisis, grows +0.8 percent in second quarter

July 25, 2014 10:02 am

Reuters reports that Britain’s economy is finally bigger than it was before the financial crisis struck six years ago, official data showed on Friday.

Gross domestic product expanded by 0.8 percent in the April-June period, the same strong pace as in the first three months of the year and in line with forecasts in a Reuters poll of economists.

Compared with the second quarter of last year, growth was 3.1 percent, the fastest pace since the end of 2007, the Office for National Statistics said.

That meant total economic output was 0.2 percent bigger than in the first quarter of 2008, its previous peak.

Britain’s economy largely flat-lined after a 2008-09 recession. But it sprang back to life last year and is set to be the fastest-growing country in the Group of Seven rich nations this year, according to the International Monetary Fund.

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