EEF comments on GDP data

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Commenting on the Q1 GDP data released today, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:

“Today’s data is disappointing, but unsurprising, with the UK moving from being one of the fastest growing developed economies to posting the weakest rate of expansion in over two years.

“Given that we’d already seen signs of weakening output earlier this year, the maths were always going to point a slowdown. Nevertheless, manufacturing has held up with the sector now seeing eight quarters of growth. And with surveys suggesting industry sentiment is looking reasonably firm the sector should continue to contribute to growth in the months ahead.

“As ever with estimates, future revisions can’t be ruled out, but it does point to the need for the next government to focus on delivering a competitive and predictable environment to keep business growth on track.”


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