GDP continues to expand

U.K. economic growth accelerated in the first quarter amid signs that the recovery is broadening beyond that of just consumer spending. GDP expanded 0.8 percent from the final three months of 2013, when it grew 0.7 percent, according to a report issued today by the Office for National Statistics said today in London.

Britain is on track to have the fastest-growing economy of any Group of Seven nation in 2014, raising the likelihood of a rise in interest rates from the Bank of England borrowing by the end of the year. Storms hit construction in the first quarter and BOE Governor Mark Carney said in a newspaper interview published today officials are “prudently optimistic” about the economy.

Industrial production rose 0.8 percent between January and March, with manufacturing expanding 1.3 percent, the fastest since the second quarter of 2010. Construction grew 0.3 percent amid evidence that storms in January and February dampened output.

The ONS said the weather did not have a “significant impact” on GDP growth.