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25/01/2002
UK economy shows tenacity in GDP report
UK growth slowed down during the fourth quarter of 2001 in comparison to the previous three-month period – but the economy as a whole has expanded by 2.4 per cent.
According to the latest figures from the Office for National Statistics (ONS) gross domestic product (GDP) rose by 0.2 per cent, exhibiting a percentage point drop of 3 per cent on the previous quarter, where GDP stood at 0.5 per cent.
According to the ONS report, the UK economy is also still experiencing a ‘two tier’ effect, whereby the output of the production sector has fallen sharply, due to sharp declines in manufacturing and the oil and gas extraction industry, while the service sector has grown at a higher rate than reported for the previous quarter.
However, the figures have been welcomed by analysts as providing evidence for the tenacity of the UK economy in the face of the current adverse conditions.
Hilary Cook, Economist at Barclays Stockbrokers, commented: “It’s a real achievement in a global context. Think how much better it would have been without foot and mouth and without September 11.” (CL)
According to the latest figures from the Office for National Statistics (ONS) gross domestic product (GDP) rose by 0.2 per cent, exhibiting a percentage point drop of 3 per cent on the previous quarter, where GDP stood at 0.5 per cent.
According to the ONS report, the UK economy is also still experiencing a ‘two tier’ effect, whereby the output of the production sector has fallen sharply, due to sharp declines in manufacturing and the oil and gas extraction industry, while the service sector has grown at a higher rate than reported for the previous quarter.
However, the figures have been welcomed by analysts as providing evidence for the tenacity of the UK economy in the face of the current adverse conditions.
Hilary Cook, Economist at Barclays Stockbrokers, commented: “It’s a real achievement in a global context. Think how much better it would have been without foot and mouth and without September 11.” (CL)
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