Britain’s recovery will continue to strengthen for the rest of the year, according to the Organisation for Economic Co-operation and Development (OECD), the Paris-based thinktank.
The rosy outlook for the UK is matched by forecasts for the eurozone and the US, which have also seen their recoveries gather momentum.
The OECD said the UK’s growth was “firming” after a rise in its composite index from 100.6 in February to 100.8 in June – where a reading of 100 indicates trend growth.
After an 18-month recession, the eurozone is also turning its fortunes around, led by Italy, which stood at 99.5 in February before recovering to 100.7 in June.
Better than expected figures from Italy contrast with the emerging Bric economies of Brazil, Russia, India and China. A review of all sectors in these countries found growth losing momentum, said the OECD.
Trade figures from China on Thursday appeared to show that exports and imports both increased in July, beating expectations, though scepticism over the veracity of the figures dampened hopes that a sustained recovery was imminent.
via The Guardian