Commenting on today’s GDP data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:
“Today’s estimate seems to confirm the slowdown that economists have been predicting. However, even with the pace of expansion dropping we shouldn’t be too hasty in dialling up the despair about the outlook for the UK economy.
“There are clearer signs that the consumer is wavering as inflationary pressures have picked up, but the production related sectors of the economy are forging ahead thanks to an improving global picture and the more competitive pound.
“Manufacturing also saw another solid quarter with output increasing by 0.5% and official data indicating that this positive trend was fairly broad based across sub-sectors.”