The move onto a solid growth path continues

GNP data for 2013 showed the economy performed strongly last year, with growth of 3.4%.

This was accompanied by good growth in employment, up 2.4%, and there was also a marked fall in unemployment. The jobless rate fell to 12.1% by the final quarter, down from 14.2% a year earlier.

Thus, both GNP and labour market data suggest the economy moved on to a strong growth path last year. Figures published to date in 2014 indicate the trend is being maintained.