UK Economy Returns to Pre-Crisis Level

UK Economy Returns to Pre-Crisis Level.

The Office for National Statistics (ONS) has posted figures that show the UK economy has now returned to pre-crisis levels rising 0.8% in the second quarter of 2014. The economy is now 0.2% over the peak, which was hit in the first quarter of 2008.

The economy has grown 3.1% since last year. Although the figures are the first time a measure of the full range of economic activities has been attempted, the ONS said that revisions are usually small between the preliminary and third estimates.

The UK service sector was the only part of the UK economy that passed its previous 2008 peak.

The International Monetary Fund (IMF) expects the UK to expand 3.2% this year, rising above its previous forecast of 2.8%.