Economy grew by 1.9 per cent

THE UK economy grew by 1.9 per cent in 2013, according to official estimates.

Output increased in three of the four main industrial groupings within the economy in the last three months of the year compared to the third quarter.

Agriculture increased by 0.5 per cent, production by 0.7 per cent and services by 0.8 per cent. However, output decreased by 0.3 per cent in construction. Danske Bank chief economist in Northern Ireland Angela McGowan, pictured, said: "the UK economy performed well in 2013 with much of the growth driven by a healthy rebound in the demand side of the economy. "Regardless of the good economic news, the low interest rate environment is still expected to stay in 2014. The Bank of England will be hoping to see a much more balanced recovery this year before any changes to monetary policy are made - in particular they will be looking for evidence of growth in business investment levels and exports."


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