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Broad based recovery as GDP growth stuns critics

first_img Broad based recovery as GDP growth stuns critics More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com KCS-content Share THE UK economy has confounded forecasts by growing 0.8 per cent during the third quarter of this year. Consensus was for an expansion of 0.4 per cent, on the basis of slowdowns in consumer spending, house prices and declining sentiment in PMI surveys.Unexpectedly strong figures for the construction sector were one reason for the surprise: the sector accounted for a quarter of the overall 0.8 per cent rise, despite making up only six per cent of the economy. Construction grew four per cent quarter-on-quarter, faster than services or manufacturing, which each grew 0.6 per cent. Services account for 76 per cent of GDP.Government output growth expanded 0.6 per cent, also above expectations. It is not yet clear whether the construction sector’s strong performance is due to private or public investment and therefore what effect government spending cuts will have.The figure means that the economy as a whole has now grown 2.8 per cent since the end of the recession, in line with recovery speeds after previous downturns. It has prompted economists to revise their overall forecasts for GDP growth to around two per cent for the year, up from many previous estimates of 1.5 per cent. The data release came as ratings agency Standard & Poors raised the outlook on the UK’s AAA credit rating to stable from negative, citing reduced uncertainty about the coalition’s deficit reduction plan.But economists warned that the strong growth might be only a temporary respite. RBS’s Ross Walker, whose GDP tracker correctly forecast the surprise figure, thinks that the fourth quarter will see growth halve to 0.4 per cent.“The recent headline growth rates are obviously not sustainable,” he says. “The construction sector was hit hard during the recession so this is partly a private-sector rebound. The services PMI is the chink in the third-quarter GDP armour, with risk of further moderation or sluggish growth.”But he says the distribution of the growth raises the possibility that the economy could rebalance away from a concentration in services. Expectations are now that the Bank of England (BoE) will wait for more data before kicking off any quantitative easing (QE) programme. Some had anticipated a possible resumption of asset purchases next month.Schroders’ Azad Zangana says: “Even using pre-crisis measures of trend growth, this figure is above trend. With inflation still running above the BoE’s three per cent upper limit, it will be incredibly difficult to justify resuming QE in November.” whatsapp whatsappcenter_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Show Comments ▼ Tuesday 26 October 2010 8:22 pmlast_img

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