Call our team +44 (0) 207 566 3939

BLOG

UK economic growth now revised upwards

UK Service Sector & Economy peaks

The economy has grown by 3.2% in the second quarter compared to the same time in the previous year. This is actually higher than the 3.1% original estimate.

The growth was helped by the construction sector performing better than previously predicted.

The figures show the best economic performance the UK has seen for over 6 years. The service sector which equates to 78% of the total economic activity grew by one percent in the second quarter. This was also the best performance this sector has seen for over 6 years.

Also manufacturing output grew by 0. 3% however the agriculture industry actually shrank by 0.2%.

The service sector was the overall winner, with widespread growth. Increases were seen in business services, transportation, hotels, food services, communication and storage.

The service sector is now officially above the previous high by 3%, the last previous peak was in 2008. The latest figures are showing that the economy recovery is will underway and it is being led by consumer spending.

However the UK manufacturing sector is still below by 7.5% below its peak in 2008.

The Bank of England is not expected to raise the interest rates soon, interest rates were expected to rise in 2015.

Your Virtual Office London provides professional business services, if you would like to discuss how we can help your company, dont hesitate to get in touch with us.

 

 

 

 

Related Category Posts

Memorandum and Articles of Association 101

Memorandum and Articles of Association 101

Once you’ve obtained a registered office address, your business will be running in earnest along with the presence of a pile-up of paperwork. You can avoid becoming overwhelmed by the inevitable if you familiarise yourself with vital business terms and documents;...

read more
What Is Your Company’s SIC Code?

What Is Your Company’s SIC Code?

Once you register a company, advisably through a company formations agent who will comprehensively manage all necessary communication with Companies House and remedy start-up teething issues, you’ll be met with a plethora of important numbers and...

read more

Capital Office Ltd is registered in England and Wales: Registered Address: Kemp House 152 – 160 City Road London EC1V 2NX

Company Number: 06294297 | VAT No: 976201416 | ICO No: ZA084808 | Anti-money laundering registration number: XZML00000125126

© Copyright 2019 Capital Office Ltd - All Rights Reserved

Please click here to view the latest businesses using our address without authorisation.