Thursday, January 13, 2011
Decent fourth quarter growth
Posted by David Smith at 06:00 PM
Category: Thoughts and responses

The National Institute's "flash" estimates of gross domestic product are not always spot-on but its guesses are a good as anybody's. It thinks the economy grew by 0.5% in the final quarter of 2010 which, while slower than the two previous quarters, would be a decent outcome.

The estimate was on the back of industrial production figures for November, which showed an overall rise of 0.4% and a bigger increase of 0.6% for manufacturing, in line with the recent pattern. Over the latest 12 months, industrial production has grown by 3.3%, manufacturing by an impressive 5.6%. More here.

Despite some nervousness around the Bank of England monetary policy committee's first meeting of the year, the outcome was, as expected, an unchanged 0.5% Bank rate.