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British economic growth firming: OECD report

English.news.cn   2013-12-10 04:57:14            

LONDON, Dec. 9 (Xinhua) -- The Organization for Economic Cooperation and Development (OECD) composite leading indicator (CLI) for Britain continued to rise in October, signifying a firming growth of the economy.

The CLI for Britain for October climbed to 101.4 from 101.2 in September, continuing the rising trend from June at 100.5.

However, the month-on-month increase eased back to 0.18 percent in October from 0.24 percent in September and a peak of 0.25 percent in August, indicating that the above-trend rate of growth could ease slightly in 2014.

Howard Archer, chief British and European economist with IHS Global Insight, said "The OECD leading indicator seems to broadly tie in with our view that UK GDP growth will be strong again in the fourth quarter, and will likely come in close to the 0.8 percent quarter-on-quarter growth rate achieved in the third quarter."

As a result, Archer said he expect overall GDP growth to be 1.4 percent for 2013.

"News on the UK economy has remained largely upbeat in recent weeks, although it appears that consumers eased back on their spending ahead of Christmas splashing out during the third quarter," said Archer.

The CLI is an indicator anticipating turning points in economic activity relative to trend, showing signs of an improving economic outlook in most major economies. Readings above 100 indicate above-trend growth.

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Editor: Mengjie
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