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British economy grows 0.8 pct in three months to end of Feb.

English.news.cn   2014-03-12 07:50:04

LONDON, March 11 (Xinhua) -- The British economy has almost recovered the ground lost in the financial crisis since 2008, according to figures released Tuesday.

The National Institute of Economic and Social Research (NIESR) said that the British economy had grown by 0.8 percent in the three months to the end of February.

This follows a three-month growth of 0.7 percent to the end of January, and means that the UK economy is now just less than 1 percent below its pre-financial crisis peak in January 2008.

Jack Meaning, research fellow at NIESR in London, said the return to the pre-recession peak can be seen as a milestone.

However, the analyst said, "Real wages are still at 2004 levels and the weak performance of productivity suggests there is at least some degree of spare capacity."

NIESR has forecast that the British economy will continue its robust growth after posting a 1.9 percent growth in 2013.

The agency expected the economy to reach the January 2008 peak size during 2014, and also forecast that the Bank of England would look to raise interest rates in the second quarter of 2015.

Editor: Yang Lina
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