Think tank estimates growth of 0.8pc in three months to February
The UK economy grew 0.8 per cent in the three months ending in February, according to a GDP estimate from the National Institute of Economic and Social Research (Niesr). This is slightly up from the 0.7 per cent growth seen in the three months ending in January.
The think tank said this implies that output is less than one per cent below its pre-recession peak. Niesr expect this peak will be recovered during 2014.
Niesr does not expect the Bank of England to raise rates until the second quarter of 2015 and noted its latest quarterly forecast (published 7 February), which projects GDP growth of 2.5 per cent in 2014 and 2.1 per cent in 2015.
