GDP figures show manufacturing growth

Manufacturing News, Source : TheManufacturer.com
Published : 01 Nov 2002 17:11

Yesterday’s (Friday) GDP data from the Office of National statistics show continued economic growth. Third quarter figures show manufacturing grew although this was partly offset by a decline in the oil and gas extraction sector. Quite strong services growth continued.

The preliminary estimate of growth in the third quarter was 0.7 per cent, compared with 0.6 per cent in the second quarter. Annual growth was 1.7 per cent, the fifth consecutive quarter of figures below 2 per cent.

Manufacturing output increased across most industries. The extended Jubilee holidays reduced June output in both the manufacturing and service sectors. Without this effect, growth in the second quarter would have been higher and growth into the third quarter would have been lower, said the ONS.

David Frost, director general of the British Chambers of Commerce, said: "This is good news for the UK, given the global economy's lacklustre performance this quarter. In particular, we are happy to see manufacturing making gains at last after a prolonged recession."

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