UK GDP growth for the third quarter of 2010 has been estimated at 0.8% bythe Office for National Statistics. While this is down on the 1.2% growth seen in Q2, it still represents a solid performance by UK businesses.
Services output rose 0.6%, as did production output (including 1.0% manufacturing growth), while construction output rose by 4.0%. Full details are available here.
Although this is more modest growth than 2010, it is faster than many expected and shows the resilience of UK businesses in tough trading conditions. The estimates have rightly quietened talk of a double dip recession. However, with the challenges posed by public spending cuts, it remains vital to have a continuing focus on strong private sector performance. NECC's press statement on the figures can be viewed here.
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