UK economy grows by only half per cent

The UK economy grew by only 0.5% in the third quarter of 2011 according to the Office for National Statistics (ONS).UK economy grows by only half per centThe growth in the July to September period compared with a 0.1% expansion in gross domestic product (GDP) in the previous quarter.

But analysts said growth in the second quarter of the year had been dampened by one-off factors.

As a result, the third-quarter figures should not be interpreted as a big economic rebound, they added.

Output of the production sector rose 0.5% in the third quarter, compared with a 1.2% fall previously.

Service sector growth was up 0.7%, against a rise of 0.2% in the previous quarter.

The ONS emphasised that growth in the April-to-June period had been hindered by factors such as the extra bank holiday for the royal wedding.

However, Chancellor of the Exchequer George Osborne described the figures as “a positive step” and better than many people had forecast.

“Of course the British economy has got this difficult journey. It is a journey made more difficult by the kinds of things you see for example today in the markets because of the situation in the eurozone.

“But we are determined to finish this journey,” Mr Osborne said.

Asked whether the government would stick to its austerity plans, Mr Osborne said: “We have to understand that this journey is the only route that will take us to prosperity and recovery.”

However, there was disappointing news from the UK manufacturing sector in the latest Markit Purchasing Managers’ Index, which was also released yesterday.

The index for manufacturing activity in October fell to 47.4 points, from 50.8 points in September. Any reading above 50 indicates expansion, while any reading below indicates contraction.

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November 8, 2011 · Home Based Jobs · 3 Comments
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