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Britain's economy grew at fastest since 2010 in three months to August - NIESR estimate
September 6, 2013 / 2:10 PM / 4 years ago

Britain's economy grew at fastest since 2010 in three months to August - NIESR estimate

LONDON (Reuters) - Britain’s economy grew 0.9 percent in the three months to August, its fastest rate in more than three years, the National Institute of Economic and Social Research said on Friday.

The Bank of England is seen in the City of London August 7, 2013. REUTERS/Toby Melville

That compared with growth of 0.7 percent in the three months to July, said the London-based economic research organisation.

NIESR’s latest growth estimate was the highest since the three months ending July 2010, although it warned that that rate of growth would likely soften.

“The external environment in the guise of weak demand from the euro area and slowing emerging markets will likely limit the rate of the UK’s economic expansion,” said NIESR.

The estimate follows a run of strong economic data from the UK, which several economists say points to economic growth of around 1.0 percent or more this quarter - well above the Bank of England’s forecast for 0.6 percent.

However, the apparent reliance on consumer borrowing and rising house prices has raised questions about the durability of the upturn.

NIESR estimates the UK economy is now 2.7 percent smaller than its peak in January 2008.

Reporting by Andy Bruce; editing by Ron Askew

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