The UK Economy Is Growing But Slowly

27 November 2012 - Which Way to Pay

    



The UK Economy Is Growing But Slowly

Economic growth in the UK between July and September has been confirmed. The economy increased by 1% in the summer months and this information from the Office for National Statistics suggests that the UK has come out of the long recession.

However, cynics argue that the Olympic games helped boost growth over the summer and there is some concern that this growth may be short lived. Chris Williamson of the research group Markit stated that "If anything, the details in the new data further highlight the temporary nature of the upturn".  None the less others would argue that there is no doubt that this is positive news for the UK when you compare last year’s figures according to which the economy contracted by 0.1%.

This news you should stifle the complaints that the Olympics did more harm than good for the British economy over the summer. It has been judged that an increase of 0.6% in consumer spending was significantly responsible for the rate of growth

The services sector’s growth at 1.3% was as expected. Sadly the construction sector also declined slightly more than expected. The ONS will review its figures for the third quarter in December when it has more detailed data for the UK’s economic output.

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