Thursday, July 25, 2013
GDP up 0.6%, and growth across the board
Posted by David Smith at 10:00 AM
Category: Thoughts and responses

The second quarter rise of 0.6% in gross domestic product was bang in line with expectations, including those of the Bank of England. There was a rise in output in the quarter in all the main sectors of the economy, with services up 0.6%, production also 0.6% (and manufacturing 0.4%), construction a healthy 0.9% and even agriculture - despite the poor spring - up 1.1%.

This is, of course, a day to roll out all the cliches about there being a long way to go - GDP is still 3.3% below pre-crisis levels pending revisions - and the economy not being out of the woods yet. But given where expectations were just a few months ago and the optimistic noises coming out of the surveys, these figures should be welcomed. More here.