Wednesday, 30 April 2014

UK economy accelerates in first quarter, eurozone and US confidence decline

The UK economy maintained its strong recovery at the start of 2014. A report on Tuesday showed that the UK economy grew 0.8 percent in the first quarter, up from 0.7 percent in the previous quarter.

Compared to the first quarter of last year, the UK economy grew 3.1 percent, the biggest annual increase since late 2007.

The euro area, however, may have started the second quarter on a weaker note. A report from the European Commission on Tuesday showed that its economic sentiment indicator for the region fell to 102.0 in April from 102.5 in March.

US consumer confidence also declined in April. A report from the Conference Board on Tuesday showed that its consumer confidence index fell to 82.3 this month from 83.9 in March.

Another report on Tuesday showed that the S&P/Case-Shiller index of property prices in 20 US cities increased 12.9 percent in February from a year ago, the smallest rise since August, after a 13.2 percent gain in January.

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