British Economy
The British economy is growing more slowly according to NIESR's latest GDP estimates. Reuters

Britain's economy expanded by 0.7% in the three months to December 2013, according to the National Institute of Economic and Social Research (NIESR).

The think tank's latest GDP estimates for the UK were slightly below the 0.8% it touted last time round.

NIESR's estimates suggest the economy expanded by 1.9% in 2013, up from 0.3% in 2012.

The level of GDP is now just 1.2% below its pre-recession peak from January 2008.

The economy is expected to expand at a reasonable pace in 2014, according to NIESR.

The institute uses the term "depression" to describe periods, such as this, when output is consistently below its previous peak.

But unless output turns down again, the recession is over, it said. The period of depression is likely to continue for some time, however.

"We do not expect output to pass its peak in early 2008 until 2014," NIESR noted.