Britain’s economic growth will beat the US, Japan and other eurozone countries for the rest of the year, the Organisation for Economic Cooperation and Development (OECD) has predicted.
The body increased its growth forecast for the UK economy this year to 1.5% from an earlier estimate of 0.8%.
The growth has been attributed to retail sales, factory output and the housing market picking up.
Last week, the British Chambers of Commerce revised its economic growth forecast for this year up from 0.9% to 1.3%.
Britain’s reading of manufacturing activity hit a two-and-a-half-year high of 57.2 in August, it was announced yesterday.
In July, like-for-like monthly retail sales rose by 2.2% and total sales 3.9% – the best performance since 2006.
The OECD said that Britain’s performance was “encouraging” but warned that the recovery remains “vulnerable to financial sector setbacks”.
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Editor’s (geeky) comment: Why does everyone overlook this stuff in our GDP data?
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