UK GDP growth to return to pre-crisis level

GDPOfficials have said that the Gross Domestic Product (GDP) growth figures are expected to show that the British economy returned to pre-crisis level.

The data is expected to show that the UK economy is expected to record its strongest growth since 2007, which is a year before the financial crisis. Business Secretary Vince Cable said that the economy is recording strong recovery but pointed out that recovery remained fragile. The data also showed that 2013 was the first year since 2007 that recorded continuous expansion.

The global financial institution is expected to upgrade its estimate of GDP growth in 2014 to 2.4 per cent for the UK economy. The upgraded forecast from the IMF will be mostly in line with Treasury's Office for Budget Responsibility and comes after several economic indicators in the British economy showed higher than expected growth in recent months. The Office for National Statistics said that the UK economy grew 0.8 per cent in the third quarter of the financial year after recording a similar growth during the second quarter.

UK's central bank, the Bank of England has indicated that it will keep its interest rates at the record low level of 0.5 per cent.