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UK economy picking up speed and outpacing peers, says OECD
Article publié le 05/09/2013

Britain’s economy has finally started to recover in line with normal rebounds after recessions and it is doing so faster than most of its peers, the Organisation for Economic Cooperation and Development said on Tuesday.In an update to its near-term economic forecasts before the Group of 20 meeting this week, the international organisation predicted that growth would accelerate in the second half of the year, with the economy expanding by 1.7 per cent between June and December.If that pace of expansion continues into 2014, Britain’s recovery would begin to resemble a normal upswing rather than the slowest recovery from recession that it has endured since 2010.

Presenting the biggest upward forecast revision for the UK among the Group of Seven, J?rgen Elmeskov, deputy chief economist at the OECD, said the optimism reflected improved sentiment and data, forcing the publication of British growth numbers “more than a tad higher”.Treasury officials have been delighted this summer at survey and official figures which they describe as the most consistent run of above-expectation data anyone can remember.Outwardly still cautious, knowing that the good run can come to an end, aides to George Osborne think the growth rate vindicates their stance to hold firm with deficit reduction in the face of continued economic disappointment over the past three years.The OECD’s growth forecasts for the second half of the year are more than twice those from the Office for Budget Responsibility, suggesting that the official fiscal watchdog will substantially revise up its 2013 and 2014 forecasts in the Autumn Statement towards the end of November.

The forecast expansion is also substantially higher than the Bank of England’s central predictions from last month, which suggested growth would rise to annual rates of about 2.5 per cent, a percentage point below the growth rates suggested to be possible by the OECD.Over the summer, business surveys have risen to multiyear highs and have been backed by strong data on real growth in the second quarter, business investment, the labour market and retail spending. The construction PMI index rose to its highest level since 2007 on Tuesday.This is my favorite:Pendeen forced to pull out of league




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