UK expected to grow faster on lower oil prices

first_img Share Tuesday 10 February 2015 9:10 pm Express KCS Show Comments ▼ UK expected to grow faster on lower oil prices THE UK’S economic growth is speeding up this year, an economic forecaster has said.The National Institute of Economic and Social Research estimates the economy grew by 0.7 per cent in the three months ending in January. Official estimates place growth in the three months to December at 0.5 per cent. Niesr attribute the acceleration in growth to the private services sector. Niesr also said yesterday it expected 2.9 per cent economic growth this year, up from 2.6 per cent in 2014, due almost entirely to sharp falls in oil prices. Brent crude oil – a North Sea benchmark – is currently $57 per barrel, about half what it was last July. However, it warned economic weakness in the Eurozone – the UK’s biggest export market – will prove a hindrance to significant improvement.The forecast eases fears that the UK’s recovery is losing traction. The three-month on three-month rate of growth slowed in the final quarter of the year from 0.7 per cent in the three months to September. It also grew 0.8 per cent in the three months to June. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofChicken Bao: Delicious Recipes Worth CookingFamily Proofcenter_img whatsapp whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunUndoLivestlyThe Best Redhead Actresses, RankedLivestlyUndoNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDUndoTotal PastAfter Céline Dion’s Major Weight Loss, She Confirms What We Suspected All AlongTotal PastUndo Tags: NULLlast_img read more