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UK posts 7th consecutive quarter of economic growth

by ChemOrbis Editorial Team -
  • 24/12/2014 (15:09)
According to a report released by the UK Office for National Statistics (ONS) on December 23, the UK economy expanded for the seventh consecutive quarter in the third quarter of this year. The country’s gross domestic product (GDP) rose 2.6% year over year after a downward revision from the previously estimated growth of 3%.

The report showed that household spending increased 0.9% to post the highest level in more than four years while business investment posted the biggest drop since 2009, declining 1.4% in the third quarter. The country’s exports and imports moved in the same direction, rising 0.6% and 1.3%, respectively.

Analysts stated that plunging oil prices and slower inflation will support stronger domestic demand and improve consumer purchasing power.
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