Monday , 20 November 2017

UK Economy Is Showing Strong Signs Of Improvement

UK Economy Is Showing Strong Signs Of Improvement

The Office for National Statistics , has stated that official figures have shown the UK economy to be growing faster than previously expected. In particular, the gross domestic product (GDP) had risen by almost 1% in the period between July and September, when compared with the previous quarter.

ONS revise their own figures

Office for National Statistics revise their own figures

All figures were compared with the older findings from the Office for National Statistics. Which means they were making comparisons with their own research. However, they recently went back over and revised their own growth figures. From which they have now estimated the rate of annual growth of the UK economy to be 1.9% compared with the previous figure of 1.5%. A large number of economists have been shocked by the revision made by the Office for National Statistics, due to the impact it has had on the statistics.

Economists questioning the signs of economic recovery

A spokesman for the Treasury has come out and said, the data has clearly shown the recovery to be stronger than the estimations from the past. Therefore, it is proof that the long-term economic plan the Government is moving forward with is working. Which is good news for Brits, who have had to be tough during this financially challenging time.

The spokesman then went on to say there are still risks that need to be handled with care. And while the job is nowhere near being complete, the Government will continue to make the tough decisions it needs to so that the UK finds its feet again. So a lasting recovery is delivered.

While the UK economy may be patching its wounds and healing, public sector debt has worsened. Moving north instead of south. In fact it has shown a monthly record rise of 76.6% of the GDP. This very statistic is a red flag for many economists. Who after learning of the figure, have questioned whether or not the recovery will be sustainable.

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