Data: U.K. Economy Stands Strong in Third Quarter
A report released Monday by the British Chamber of Commerce says that the United Kingdom may just have experienced its strongest economic quarter in five years, The Wall Street Journal reports.
The British Chamber of Commerce projected that the British economy grew by a rate of between 0.9 percent and 1 percent during the third quarter of 2013. The number represents a phenomenal upsurge in the nation’s economy, growing more than many countries will during the entire year and posting what could be the strongest quarterly growth rate that the nation has seen since 2007. The official data are set to be released later this month.
The news comes as the International Monetary Fund also updated its growth projections for the U.K. for the next two years, increasing its estimates for 2013 from 0.9 percent to 1.4 percent and its forecast for next year from 1.5 percent to 1.9 percent, Sky News reports. The rise in the predictions is especially surprising given that most other countries had their growth projections adjusted downward as a result of uncertainty surrounding the U.S. partial government shutdown and the ongoing debate over raising the debt ceiling.