Responding to today’s second estimate of the Q2 GDP figures, Zach Witton, Deputy Chief Economist at EEF, the manufacturers’ organisation, said:
“Today’s second estimate of GDP data shows the UK economy has taken some steps toward rebalancing – with net trade the largest driver of growth in Q2, and business investment up 2.9% in Q2, following a 2% gain in the previous quarter.
"However, weakness in the manufacturing sector highlights concerns as to whether this will be sustained. Uncertainty as to whether Greece would leave the euro zone, and the pound strengthening against the euro, probably played a part in the weak performance. Looking ahead, UK manufacturers, which make up a significant, globally-focused sector of the economy, are switched on to new and mounting challenges to secure overseas growth opportunities. The slowdown in China’s growth is a challenge for manufacturers but for some sectors, such as motor vehicles, it isn’t a new story.”