Green shoots of recovery growing rapidly
Who doesn’t like a (nice) surprise? Well there was a pleasant one yesterday when it was revealed the economy has grown at a faster pace then expected.
Revised figures from the Office for National Statistics (ONS) have shown that it grew by 2.8% rather than 2.6% last year.
It means that 2014 enjoyed the high rate of annual growth since 2006 when it surged ahead at 3%.
Increased production, services and household spending were among the reasons for the success as well as strong export figures.
Prime Minister David Cameron has repeatedly stressed the need for greater exports to help balance the economy.
In March, his Chancellor George Osborne revealed that the Office for Budget Responsibility (OBR) (http://budgetresponsibility.org.uk/) had forecasted growth of 2.5% in 2015.
It can be confusing with so many different organisations and departments issuing statistics at different times but the main point is that they all point upwards – to continued growth for the economy.
From the green shoots of recovery, the economy does finally seemed to have gained traction with sustained growth.
With falling inflation, historic low interest rates and competitively priced mortgage deals, it’s good news for many people.
We’ve noticed the uplift at McAndrew Martin with increased demand for our property related services, including a wide range of surveys, architectural design, electrical and mechanical engineering and conservation work.
Clients range from housebuyers needing surveys and homeowners seeking to extend their properties as well developers and businesses gaining the confidence to start investing again.
Let’s hope that this time next year all of the experts have upgraded growth for 2015, showing we’ve had an even better year than expected!
The BBC always has a good – and easily understandable – analysis of the latest economic figures. Visit www.bbc.co.uk/news/business for more details.
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You can also email our friendly and expert team at [email protected] or call on 02392 697193.
Who doesn’t like a (nice) surprise? Well there was a pleasant one yesterday when it was revealed the economy has…