Belfast Telegraph

Thursday 31 July 2014

More gloom as UK growth comes in at 0.7%

The UK's economy grew more slowly in the past year than any of the G7 nations apart from tsunami-hit Japan, figures have revealed.

The UK's year-on-year growth of 0.7% in the second quarter of 2011 put it near the bottom of a table of the group of seven industrialised nations compiled by the Organisation for Economic Co-operation and Development (OECD).

Japan's GDP contracted by 0.9% after being devastated by earthquakes and a tsunami in March. Germany's growth was the strongest, at 2.7%.

The UK's economy has struggled to gain momentum since the recession, as consumer spending has been squeezed by rising inflation and a weak pay growth. The OECD's figures also provide further evidence that the pace of the growth across some of the world's biggest economies slowed in the second quarter of 2011.

The gloomy figures will add to fears that the world economy could be heading for recession, as growth in the US and EU runs out of steam, leaving many nations struggling with debt.

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