Strong GDP growth continues into the third quarter of the year
Date published: 27 October 2014
Commenting on the latest GDP figures, John Ashcroft, Chief Economist at Greater Manchester Chamber of Commerce, said: “The UK economy grew by 3% year-on-year in the third quarter as the strong growth experienced in the first half of the year continued.
"The results are in line with our latest forecasts and estimates produced by the Manchester Index™, the now-casting model from the Chamber’s Quarterly Economic Survey.
“Service sector growth underpins the recovery in the economy with overall growth up by 3.3%. Business Services increased by 4.3% and leisure activity was also strong (up by 3.8%). Distribution activity came in ahead of our latest forecasts with strong growth of 3.7%.
“So what of manufacturing and construction? Manufacturing growth was 3.4% and construction activity increased by a more modest 3%. An all round strong performance for the economy held back by the secular down trends in agriculture and oil and gas extraction, quarrying and mining.
“Our forecasts for the year are unchanged. We expect growth of 3.1% for the year slowing to 2.8% in 2015.”
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