Commenting on today’s GDP data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:
“While the first estimate of growth was a touch stronger than the consensus, it was nevertheless business as usual for the UK economy over the past three months. Strong manufacturing activity, in line with all the recent survey indicators, was a particular bright spot, providing confirmation that UK factories are benefitting from solid global demand conditions.
“The comparatively subdued service sector was a continuation of the story of squeezed consumers, which began at the start of the year. Despite the statistics showing that the UK economy is far from firing on all cylinders, they still suggest that the MPC will be poised to push the button on a rate rise when it meets next week.”