GDP growth pace quickens to 2.8 per cent

From: The Scotsman | Date: October 21, 2006| Author: | Copyright information

BRITAIN'S economy is growing at its fastest pace in two years, according to latest official data.

Preliminary estimates from the Office of National Statistics show that gross domestic product (GDP) grew by 0.7 per cent in the third quarter, higher than analysts had expected.

It is the fourth consecutive quarter of 0.7 per cent growth and takes the annual growth rate up to 2.8 per cent. Coming on the heels of stronger-than-expected retail sales and buoyant survey data from the CBI and the Chambers of Commerce, the latest upside surprise in activity makes a quarter-point rise in interest rates ...

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