The UK economy grew by 1.9% in 2013, the fastest growth rate since 2007, according to the latest figures from the Office of National Statistics (ONS).
Output increased in three of the four main industrial groupings within the economy in Q4 2013 compared with Q3 2013. Output increased by 0.5% in agriculture, 0.7% in production and 0.8% in services, but decreased by 0.3% in construction.
Also, whilst GDP did grow throughout 2013, the rate of growth fell from 0.8 to 0.7% in the final quarter of the year, and economic output remains 1.3% below 2008 levels.
Nevertheless, Chancellor George Osborne described the growth in GDP evidence that the Tory policies of austerity were working, tweeting:
0.7% growth in GDP is a boost for the economic security of #hardworking people. Our long term plan is delivering a brighter economic future
However, Labour shadow chancellor Ed Balls was less optimistic, telling Sky News:
“This is not yet the strong and balanced recovery we need…For working people facing a cost-of-living crisis this is still no recovery at all.”
