British GDP in 2014 recorded its best performance

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British GDP in 2014 recorded its best performance since before the credit crisis of 2008

The British economy grew 2.6% in 2014, its best performance since before the credit crisis of 2008, the Office for National Statistics (ONS) has said recently.

Publishing their preliminary data, the ONS said the gross domestic product (GDP) reached in the fourth quarter of 2014 reduced by 0.5%, down from 0.7% in the previous quarter but higher by 2.7% the same period in 2013.

The annual growth of 2.6%, while positive, is below government forecasts, which in December rose 3% its forecast for 2014.
In presenting its financial statement fall, the chancellor, George Osborne, predicted a GDP growth of 3% in 2014, 2.4% in 2015, 2.2% in 2016 and 2.4% in 2017.

In its report today, the ONS, which reviewed twice disclosed figures, explained that the two productive sectors that grew in the last quarter were services, with 0.8%, and agriculture 1.3 %. However, the contribution of the construction sector fell by 1.8% and 0.1% in manufacturing.

According to the ONS, growth in the last quarter was 3.4% higher than just before the start of the 2008 global credit crisis, when the British economy contracted until the second quarter of 2009, up 6%.

With GDP data reflecting low inflation, at 0.5%, and unemployment also in decline, at 5.8%, the signs are being cautiously seen as optimistic. Although below the predicted rate, the growth of the British economy is good news for the government of Prime Minister David Cameron, who is seeking re-election in the General Elections on May 7.

In this context, the Bank of England decided to keep interest rates at a record low of 0.5% to consolidate the economic recovery, as it is fears being based on consumption rather than an increase in production and exports.

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