Economy is growing

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BRITAIN’S economy has grown at its fastest pace since before the credit crunch hit, official figures have shown.

It grew 1.9 per cent last year, the fastest rate since 2007.

The pace of expansion slowed slightly to 0.7 per cent in the fourth quarter after the construction sector shrank due to a poor performance in November.

But the figures suggested that the UK has now recovered the lion’s share of gross domestic product (GDP) lost during the recession.

In 2007, the last year when the pace of growth was faster, the economy grew by 3.4 per cent. In 2012, growth was just 0.3 per cent.

This year, a growth of 2.4 per cent has been forecast.