It has been reported by the Confederation of British Industry (CBI) that the UK economy grew by 0.7% in the three months to March, which is an increase from the previous quarter’s figure of 0.6%.
The monthly figure was taken from a survey of 764 private companies across a variety of sectors, asking whether they have reported growth. It showed an overall reading of 18% which was “almost unchanged from the three months to February (19%)".
However, companies are expecting to see the economy get stronger in the coming months in the business and consumer service sectors in particular, as well as in the manufacturing sector.
Katja Hall, deputy director general of CBI said: "The outlook for 2015 looks encouraging," adding "Our surveys show it's been a solid start to the year with the prospect of stronger growth to come.
"The benefits of lower oil prices should be increasingly felt; with cheaper petrol boosting households' incomes and spending power, and cutting costs for many businesses."
