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The UK economy is growing, fast... and that's good news for Ireland

The UK's economy grew by 2.6 percent last year, that is the fastest rate since 2007 - and a signi...
Newstalk
Newstalk

12.24 27 Jan 2015


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The UK economy is growing, fas...

The UK economy is growing, fast... and that's good news for Ireland

Newstalk
Newstalk

12.24 27 Jan 2015


Share this article


The UK's economy grew by 2.6 percent last year, that is the fastest rate since 2007 - and a significant bounce on the 1.7 percent growth recorded in 2013.

The figures released by Britain's Office for National Statistics (ONS) show that growth slowed down towards that end of the year, growing by 0.5 percent in the final quarter - down from 0.7 percent growth recorded in the previous three months. This was just shy of the 0.6 percent increase that had been predicted.

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Source: Office for National Statistics

This growth was driven by household spending and the services sector. this is despite the British government has been pushing for growth in business investment and exports - both of these fell in the between July and September.

UK shops enjoyed a strong Christmas - retail figures were up by 4.3 percent year-on-year in December. However, the previous month saw a bigger increase of 6.4 percent - this has been accredited to the spread of November's Black Friday discount events.

The UK is still Ireland's most important trading partner - in markets like food and drinks, 40 percent of all our exports go to our closest neighbours.


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