The latest figures from the Office of National Statistics (ONS) shows GPD has increased by 0.8% in the first quarter, marking the fifth consecutive quarter of growth, the longest since 2007. The figures further show GPD has risen 3.1% since the same quarter last year.
Chancellor George Osborne stated “The impact of the Great Recession is still being felt, but the foundations for a broad based recovery are now in place.”
Output increased in most industries including, manufacturing (by 1.3%), services (0.9%) and construction (0.3%). The construction figure was fairly low due to the severe weather early on in the year. The only industry which saw output fall was agriculture at 0.7%.
Lending is also quickly rising, with recent Bank of England figures revealing loans to businesses reached £500million in three months, leading up to February.
The Asset Based Finance Association (ABFA) also reported a turnover of £275billion in businesses using invoice finance over 2013. A positive indication that SMEs are getting access to the finance they need in a recovering economy.