Business Investment Helps UK Growth

Business Investment Helps UK Growth.

The Office for National Statistics (ONS) have released its figures this morning and point out that UK economic growth was helped by the fastest expansion in business investment in two years.

The estimate for business investment in the first 3 months of the year was 2.7% but the results show that figure was surpassed and hit 5%.

The ONS said that business investment amounted for 0.4% of the 0.8% growth of the economy. The annual growth rate has been adjusted down from 3.1% to 3%, but was still the strongest since 2007.

The ONS has kept its estimate for economic growth for the quarter at 0.8% along with many experts, however some expected that this figure would rise to 0.9%. The UK economy is still 0.6% under the pre-financial crisis peak but is expected to pass that mark in the current quarter.