The U.K.’s economic output will top its pre-crisis peak in the next few months, according to a new forecast, marking an end to the so-called Great Recession that has plagued the county for six years.
The country’s economy has expanded quicker than expected, and is now running at growth of around 3 percent year-on-year, the National Institute of Economic and Social Research (NIESR) said on Friday.
In its quarterly economic forecast, the think tank upgraded its gross domestic product (GDP) forecasts for Britain to 2.9 percent for 2014, from earlier estimates of 2.5 percent, and to 2.4 percent in 2015, from 2.1 percent. The NIESR expects growth to remain around 2.4 percent per annum until 2017.
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