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Final quarter economic growth for 2013

The Office for National Statistics (ONS) has released official figures that show the UK economy grew by 0.7% in the final months of 2013, as was previously estimated.

The ONS said that business investment in this quarter rose 2.4% from the previous quarter and was up 8.5% from the previous year.

Other factors that influenced growth in the final quarter of 2013 have been attributed to a small increase in household spending and net trade as well as an improving balance between imports and exports.

However, leading manufacturers are not confident that business investment is having an affect in their sector and have written a letter to the Chancellor claiming that business rates are blocking investment and acting as a barrier towards economic equilibrium.

David Kern, chief economist at the British Chambers of Commerce (BCC) commented that ‘while it is encouraging that consumer spending is growing, we need to rely more on investment and net exports. These figures show a small move in the right direction, but there is still more to do.’

Despite this growth in the final quarter of 2013, the ONS’s overall estimate for 2013 growth was revised down from 1.9% to 1.8%.