Commenting on the revised GDP data published today, EEF Chief Economist, Ms Lee Hopley, said:
“No surprises in the second estimate as the economy was ticking over, including a chunky contribution from business investment, which has had an unbroken run of expansion for a year. Pulling sharply in the opposite direction is the contribution from net trade, with modest export growth being swamped by a massive bounce in imports.
“This looks like the pattern of growth we can expect over the next few years, with spending by households and capital investment remaining the key economic players. This will rely on businesses maintaining a strong appetite for continuing to expand, even in the face of some challenging external conditions.”