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United Kingdom : ECONOMY of UK extends in FIRST QUARTER

May 3, 2014

The economy of UK has been expanded in the first quarter, putting pressure to the Bank of England s near zero interest rate stance.

The British economy grew 0.8% between January and March, an annualized pace of 3.2 percent.

The British economy started strong, reinforcing expectations that the country will be among the fastest-growing economies among developed nations this year. The International Monetary Fund (IMF) expects the UK gross domestic product (GDP) to rise 2.9 percent in 2014, the fastest growth rate among the G-7 economies.

The data also indicates the slack in the UK economy is being eroded at a faster rate than central bank officials anticipate, adding pressure on Britain s central bank to raise interest rates soon. UK s services sector led the rise in the first quarter, with output increasing 0.9 percent during the period. Industrial production jumped 0.8 percent and construction output grew 0.3 percent.

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Source: TendersInfo (India)

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