UK economy growth gathering steam according to OECD

The Organisation for Economic Co-operations & Development (OECD) has indicated in its latest report that the UK economy is ‘firming’. The think-tank’s economic indicators, which have previously proven accurate in predicting conditions six months in advance, have suggested the economy is growing on the back of increasing consumer confidence. The UK economy has been growing over the last five months it said, although August and September saw growth classed as ‘tentative’ However, fourth quarter GDP may yet slip back and show shrinkage, as, despite growth in the services sector, confidence in other sectors remains in the balance whilst gas and oil output in the North Sea has shrunk. Following on from the impact of the Olympics, the UK economy was shown to have grown by 1% in the third quarter of 2012. But economists were quick to warn that such growth would be hard to maintain throughout the rest of the year. Meanwhile, Chief Secretary to the Chancellor, Danny Alexander, poured cold water on fears of a triple-dip recession and suggested that growth would be steady over 2013 and 2014.