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26/10/2010
British Economy Recovering Faster Than Expected
Official figures suggest the UK economy is recovering faster than expected.
Between July and September the economy grew at 0.8%, following 1.2% growth in the second quarter of the year. This is double the 0.4% expected by analysts.
The Office for National Statistics (ONS) released the gross domestic product (GDP) figures covering the three months to the end of September.
Economists had feared the UK was stalling on the back of spending cut threats, however following the official figures release, the pound rose one cent against the dollar, to $1.585.
However Madhur Jha, HSBC Analyst, said households remain worried about wealth from the housing and labour market.
Moreover, Chief Economist at IHS Global Insight, Howard Archer, warned about reading too much into the third quarter figures, because preliminary ONS estimates can be inaccurate.
The 1.2% rise in economic output in that period was seen by some as an inevitable bounce back after a deep recession, unlikely to be repeated.
Due to concerns surrounding the impact of the spending cuts, confidence in the manufacturing and services sectors has dropped.
The housing market has also started to suffer. Figures released by the Nationwide Building Society are expected to show a 0.4% fall in property prices between September and October.
(BMcN/GK)
Between July and September the economy grew at 0.8%, following 1.2% growth in the second quarter of the year. This is double the 0.4% expected by analysts.
The Office for National Statistics (ONS) released the gross domestic product (GDP) figures covering the three months to the end of September.
Economists had feared the UK was stalling on the back of spending cut threats, however following the official figures release, the pound rose one cent against the dollar, to $1.585.
However Madhur Jha, HSBC Analyst, said households remain worried about wealth from the housing and labour market.
Moreover, Chief Economist at IHS Global Insight, Howard Archer, warned about reading too much into the third quarter figures, because preliminary ONS estimates can be inaccurate.
The 1.2% rise in economic output in that period was seen by some as an inevitable bounce back after a deep recession, unlikely to be repeated.
Due to concerns surrounding the impact of the spending cuts, confidence in the manufacturing and services sectors has dropped.
The housing market has also started to suffer. Figures released by the Nationwide Building Society are expected to show a 0.4% fall in property prices between September and October.
(BMcN/GK)
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Northern Ireland WeatherToday:Some low cloud lingering in the north and west through the day, although cloud should burn back to the coast as the day goes on. Elsewhere some good sunny spells with very little cloud. Warm with light winds. Maximum temperature 22 °C.Tonight:A sunny evening for most except where cloud lingers along the north coast. Cloud will increase for a lot of areas overnight with mist and fog patches developing. Minimum temperature 7 °C.
