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Official: UK tops world's economies for growth

Estimates from the US Bureau of Economic Analysis showing growth of 2.4% in Britain across 2014 indicate that Chancellor George Osborne was correct in claiming that the UK is the world's fastest growing advanced economy, with a GDP increase of 2.6%. Figures for the remaining five members of the G7 are yet to be released, but forecaster consensus is that they will not match the UK's 2014 performance. The International Monetary Fund calculated in January that Canadian activity rose by just 2.4% in 2014, while Germany and Spain will have enjoyed expansion of 1.5% and 1.4% respectively. France and Japan are expected to have managed growth of 0.4% and 0.1%, the IMF said, and Italian GDP will have dropped by 0.4% in the period.

 

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