There are rank outsiders and leaders in the Group of 7. According to the estimates, Great Britain is the one to head the G7 in terms of GDP growth as the country keeps reviving its economy. Specialists at the EY Item Club have no doubt the weak wages growth does not guarantee that the BoE will lift interest rates by the end of 2014. The report showed that the British GDP growth is 3.1% that was triggered by the rising investment inflow (+12.5%). Given the current dynamics EY Item Club experts think the interest rates will not be increased until Q1 2015. “After several false starts, this time it could be different,” Mark Gregory, EY’s chief economists stated. Besides, the EY Item Club upgraded its GDP outlook to 3.1% from 2.9%. As for Germany’s and Canada’s GDPs, the indicators are supposed to post 2% and 1.8% respectively. The official data indicates that the UK economic growth has been growing for the last 5 months and constituted 0.8% in Q1. That is the longest period of growth since the financial crisis. The consumer price moved up 1.9% in June from a month earlier (+1.5%), the Office for National Statistics says. In the meantime, the stable economy and improvement in sentiment produced a rise in UK housing prices in Q2, Halifax report outlines.
