On Friday, have been published the final data on the growth of the UK's GDP in the first quarter of 2014 by 0.8%, which confirmed previous estimates of analysts. At the same time, the annual growth was revised to 3.0%, which is 0.1% less than the previous figure. The main driver of economic growth is the increase of household spending, which increased by 0.5% of GDP, while non-profit organizations have continued to put pressure on the growth rate.
Investment volume in the UK increased by 5.0% against the forecast of 2.7%, which gives reason to expect continuation of stable economic growth. We recall that at the moment the UK economy is growing at a record pace since 2007. The Bank of England predicts economic growth of the country by 3.4% in 2014. In this regard, we confirm our positive medium-term outlook for the British pound with the objectives at 1.71 and 1.73.