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UK economy growing at best rate since 2007

The UK’s economy grew at its fastest annual rate of growth since 2007, according to the latest figures from the Office for National Statistics (ONS).

GDP growth slowed to 0.7% in the fourth quarter of 2013, compared to 0.8% in the third quarter. However, overall GDP last year increased by 1.9% in 2013, compared with 2012.

The ONS said output increased in three of the four main industrial groupings within the economy during the quarter compared to the same period the year before. Output increased by 0.5% in agriculture, 0.7% in production and 0.8% in services. However, output in construction fell by 0.3%.

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