UK economic growth reaches strongest rate for a year

The UK economy has reached the strongest growth rate for a year in the three months leading to May, statistical figures from the CBI’s latest Growth Indicator have been able to reveal.

The rate of growth quickened in all three main sectors, with the business & professional services sector being the stand-out performer. This sector recorded its fastest growth in business volumes since early 2006, and was the main driver of the overall acceleration in growth.

The Growth Indicator, derived from CBI surveys of 811 businesses, brings together economic activity data from a range of business sectors. The reading of +33% for the three months to May was sharply up on the three months to April (+19%). And is the highest balance since May 2014 (+35%).

The balance of expectations for output growth over the next three months (June – August) is +30%. That is the strongest expectation since August last year (+38%).

Rain Newton-Smith, CBI Director of Economics, said:

“As we move through the second quarter, growth has cranked up several gears and businesses expect that faster pace to continue. This supports our belief that the weaker-than-expected GDP growth in the early months of 2015 will be short-lived.

“A stellar increase in activity in the business and professional service sector and retail sales bounding ahead are clear indications of strong business and consumer confidence and increased spending power.

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