Positive signs that UK recovery will continue

The UK saw a marked pick up in the pace of economic activity last year after the economy virtually stagnated in 2012. GDP expanded by 0.8% in the second and third quarters of 2013, after 0.5% growth in the first quarter.

The breakdown of the third quarter GDP data also showed signs of a broadening base to the economic recovery.

While consumer spending continued to be a key driver of growth, increasing by 0.8% on the quarter, there were positive signs from the performance of business investment which .saw growth of 2%, having contracted by 2.3% in the previous quarter.