News
Employment returns to the same level as in 2008
26 - 07 - 2013
The Office for National Statistics (ONS) recently reported that gross domestic product expanded by 0.6 per cent between April and June of this year.
Positive signs of growth include employment and the number of hours worked rising to pre-crisis levels.
According to the ONS, the service industry, which accounts for 75 per cent of the national output, is leading the recovery.
Figures show that construction and manufacturing grew by 0.9 per cent and 0.4 per cent respectively in the first quarter of the year. However, construction is still 16.2 per cent below its peak level and manufacturing is down by 10.2 per cent.
The total growth over the past year has been 1.4 per cent.
Prime Minister David Cameron welcomed the news on Twitter.
‘Today's economic growth figures are encouraging. We are on the right track - building an economy for hardworking people,’ he said.
Chancellor George Osborne said the degree of growth was unexpected.
‘These figures are better than forecast. Britain is holding its nerve, we are sticking to our plan, and the British economy is on the mend - but there is still a long way to go and I know things are still tough for families.’
Neil Bentley, the deputy director-general of the Confederation of British Industry (CBI), praised the growth but warned that there are likely to be ‘a few bumps ahead’.
‘The economy has performed strongly and looks to be building up a head of steam for the rest of the year,’ he said.
‘This confirms our view that we are heading down the road to recovery, even if there are likely to still be a few bumps ahead.’
