The UK Economy is on the Mend

The housing market is thriving, the labour market is improving and exports are finally picking up - and interest rates are staying low

Nordea 5 September, 2013 | 4:40PM
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This article is part of Morningstar's "Perspectives" series, written by third-party contributors. Here, Anders Svendsen is chief analyst with Nordea considers the UK economy's fortunes

Data so far this year offer some hope that a sustainable recovery is materialising. GDP growth has picked up and the recovery is broadening. The housing market is improving, the labour market is improving and exports are finally picking up – at least to countries outside the Euro area. Consumer spending remains the key driver of the recovery, while investment has yet to start recovering.

High-frequency indicators suggest that growth momentum will remain decent in the remainder of 2013. We have revised our GDP forecast upwards for this year and for 2014 and see growth in 2015 around 2%.

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Nordea  Nordea is a financial services group in the Nordic and Baltic region. Nordea offers online banking and insurance as well as information to investors.