/24-7PressRelease/ - LONDON, UK, December 28, 2006 - There was high pressure on the consumers that growth in the economy could be restricted. They thought that it was due to the high-energy costs and property prices.
They also considered that due to the growing number of borrowers seeking loans, they could have raised the debt levels, which may begin to restrict growth. This was the fear that was persisting in the mindsets of the consumers.
But the case is not like that. According to the Office of National Statistics (ONS), the GDP of Great Britain has accelerated in the third quarter of this year.
The service sector performed well and has raised the economy up by 0.8 per cent. It has also been found that the business and finance industries have contributed significantly to the economy. The quarterly growth was found to be 0.7 per cent.
Howard Archer of research firm Global Insight has said that the pressure is mounting for an interest rate hike.
So, this growth has raised the concern of the Bank of England. The concern was about the lack of spare capacity in the economy. There are predictions that interest rates are likely to start and end the next year at five percent.
The growth in the GDP has been steady from the second quarter of 2005. As far as this year is concerned, the growth was as low as 1.7 per cent. The prediction is that there would be three per cent growth next year. According to Howard Archer, there is going to be an increase of 2.5 per cent.
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