UK 2Q GDP surpasses all expectations - Fastest Pace In 4 Years

Really2

Great news,:beer: I look forward to it being discounted as lies, false or artificial.

Really2

StevieJ wrote: »

don't worry once ToryDem plans are enacted that growth will disappear :eek:

TBF if labour did what they said they were going to do in their manifesto, GDP would be the last of our worries.

But in reality we all now know labour were planning 20% cuts if they had won anyway.:)

StevieJ

inspector_monkfish wrote: »

SOME BLOKE AT DEUTSCHE BANK
"This is a very strong rise. It is good news to the extent that the recovery seems to be gaining traction, the bad news is that it is going to take a long time before we get back to the peak levels we saw at the start of 2008."

Someone explain that one to me, although one swallow doesn't make a summer I don't see any bad news coming out of those figures or was that just sour grapes because he cocked his forecast up

StevieJ

Really2 wrote: »

TBF if labour did what they said they were going to do in their manifesto, GDP would be the last of our worries.

But in reality we all now know labour were planning 20% cuts if they had won anyway.:)

But the point is higher growth means lower cuts are required (not no cuts)

tomterm8

The reason for these results is that labour stimulated the economy a huge amount. In essence, they created these results. Now, the tory party is going to change the economic policy, which almost inevitably means a recession in my view. Nothing has changed. These figures just show the last labour government was right (on one issue).

doire_2

LONDON (Reuters) - The economy grew almost twice as fast as expected in the second quarter of this year buoyed by a sharp pick-up in services output and the fastest rise in construction output in almost 50 years, official data showed on Friday.

The Office for National Statistics said gross domestic product jumped 1.1 percent on the quarter,the fastest rise in four years, and rose by 1.6 percent on the year -- the highest in two years.

The figures, which were well above even the highest forecasts in a Reuters poll, may raise doubts over how long the Bank of England will keep interest rates at their record low, particularly with inflation running so far above target.

The services sector enjoyed its fastest growth in three years, expanding by 0.9 percent on the quarter -- three times as fast as in Q1 and contributing 0.7 percentage points to growth.

Manufacturing grew 1.6 percent, its biggest rise in more than 10 years.

Construction, meanwhile, leapt by 6.6 percent on the quarter -- its fastest rate since 1963. The construction data was based for the first time on a new monthly survey, rather than estimates which used to be used at this stage.

The ONS said the rebound in construction output in Q2 came after a fall of 1.6 percent in Q1 which was due to the poor weather. Construction output contributed 0.4 percentage points to growth between April and June.

Bring it on

Really2

StevieJ wrote: »

But the point is higher growth means lower cuts are required (not no cuts)

Well that depends on spending also, if we had carried on spending we would just get further in debt faster.

The other way of looking at it, if they had not spent more than revenues from 2002 onwards we may not have had to cut so deep at all.:p

Wheezy_2

Round My Way, GDP hasn't risen at all.

Batchy

QE has worked obviously!

chucky

these [STRIKE]tories[/STRIKE] libcons are doing a great job