ONS Says Annual Growth Increases by 1.9%
According to the latest official figures, the UK economy is performing better than previously estimated.
The Office for National Statistics (ONS) has revised growth figures for earlier in the year which has taken the estimated increase in output for the year to 1.9%. The figure had previously stood at 1.5%.
The report said that the UK economy grew by 0.8% in the most recent quarter, which was in line with earlier predictions.
ONS said that GDP is £2.2bn, more than originally thought, and had largely been driven by a growth in household consumption.
This latest data has provided a pleasant surprise in terms of output during the earlier periods, but there some areas of concern in relation to the widening trade gap.
“Small businesses have played a big part in expanding the UK economy and translating confidence into a tangible uplift in production.
“We must as a nation increase our export capability in order to secure a long term and sustainable growth. There are signs of an improvement, but more can certainly be done. Small and medium sized businesses are aware of the opportunities that exist by building and developing their international sales networks, however they need more support in order to reach their full potential.
“Dealing with the legal complexities is one aspect of this and it is vital that SMEs seek the appropriate advice from a team of advisers who have a track record and an understanding of their sector.”
Fergal Dowling - Partner