EEF comment on GDP data

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Commenting on the Q3 GDP data released today Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:

“Expectations for growth recovered from the predictions of doom immediately following the EU referendum and the economy has chugged along at a reasonable pace over the past three months. But we need to be clear about what the data is really telling us about the post-Brexit economy and what it isn’t.

“In manufacturing, the contraction in output should be attributed to some unwinding of the massive growth spike seen in the second quarter, rather than industry scaling back production for any referendum related reasons. While the large service sector showed activity expanding at a robust pace.

“In line with the raft of survey data the GDP estimates confirm that it has been more or less business as usual but it doesn’t tell us, however, if this will continue for the foreseeable future.”

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