UK economic growth figures strongest since year before financial crisis

Of the economic growth figures, Business Secretary Vince Cable said it is 'end of the beginning rather than the beginning of the end'.

15:18 28 January 2014

Economic growth figures are expected to confirm that 2013 was the first year since 2007 that saw constant economic expansion.

Talking about the figures, Business Secretary Vince Cable said that it is “end of the beginning rather than the beginning of the end.” He also warned that although the numbers showed real recovery, the economy remained fragile.

Britain’s economy grew by 0.8% in the third quarter of 2013. Analysts are expecting a similar or slightly lower reading for the final three months of the year.

Cable added that recovery was not yet balanced. He said that rising house prices could become a threat to stability. According to BBC Chief economics correspondent Hugh Pym, if the GDP figures are in line with expectations, it would suggest that the economy grew by nearly 2% last year.

Before the financial crisis, the economy was growing an average of 3.4% per year. Also, last week, there was a marked drop in UK employment which now stands at 7.1%.