Home Business NewsEconomic News UK GDP grows at fastest rate since 2010 as confidence surges

UK GDP grows at fastest rate since 2010 as confidence surges

21st Oct 13 9:36 am

Official figures on our GDP are out on Friday, and economists are forecasting that the UK will have grown at its fastest rate since 2010.

UK GDP is estimated to have grown 0.8% in the three months to September, overtaking the 0.7% we growth we saw in the three months to June this year.

Confidence in the economy is also on the rise, according to two surveys of consumers.

The Lloyds Bank September Spending Power Report hit its highest-ever reading since it began in November 2010.

It recorded an increase in optimism about the housing market, and less fear over the jobs market.

Consumers surveyed by Lloyds were, though, still worried about utility bills. Three in four people surveyed were concerned about prices.

Deloitte’s consumer tracker survey recorded its most positive reading since it was launched two years ago.

The growth in confidence was also driven by optimism about the housing market.

Ian Stewart, chief economist at Deloitte, said: “Overall confidence is growing and has been for the past year.

“Less downward pressure on incomes, combined with renewed economic optimism and an improving housing market make for a story of gradually recovering confidence – notwithstanding the fact that the level of real incomes is continuing to fall.”

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