UK’s Economy Recovers at its Fastest Pace

economyBritain's economy has been recovering at a much better pace now. The speed of recovery was reported to be brilliant between June and September. The economy is growing at a pace that is fastest in the last three years. The economy has also sought improvements in the GDP, increasing it by 0.7% in the April-June period, said Britain's Office for National Statistics said on Friday.

Forecasts by economists in a Reuters poll have been proved to be right for the quarterly growth and the year-on-year rate of 1.5%.

British government bond prices initially sought a rise. It suggested that some investors expected that quarterly growth might have been closer to 1%. But it went down quickly. The pound became slightly stronger to dollar and the euro.

Samuel Tombs, an economist with Capital Economics, was of the view that Britain's economy struggled to improve at a better pace because of wages rising less than inflation, more government cuts and the dormant euro zone.

"But with employment growing, confidence returning and productivity still well below its potential, it seems unlikely that the recovery will fade significantly either", he said.

Since early 2013, Britain's economy has seen an astonishing recovery when it did not get affected by the recession again.