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UK economy records strong growth

The UK economy grew strongly at the start of the year - buoyed by a surprise expansion in manufacturing.
Gross domestic product (GDP) grew by 0.6% a steady in the first three months of the year, the Office for National Statistics (ONS) said.
The figure pushed the annual rate of growth up to 2.2% from 1.8% in 2005.
Surprisingly, manufacturing output grew 0.7% during the period - its strongest performance since 1999,
buoyed by increased oil and gas output.
Meanwhile, after months of expansion growth in the service sector slowed to 0.7% from 1.0% in the last three months of 2005.

Services down? That's about all we have left.

Non-BBC perspective:


GDP growth holds steady

26/04/2006 08:39

LONDON (Reuters) - The economy expanded in the first quarter of 2006 as expected, official data showed, helped by a pick up in production at its fastest rate since 1999, which offset weaker consumer spending.
The Office for National Statistics said on Wednesday that quarterly GDP growth held steady at 0.6 percent in the three months to March, with the annual rate of growth at 2.2 percent, exactly in line with analysts’ forecasts.
The figure is likely to do little to change expectations that interest rates will stay on hold at 4.5 percent for some time yet.
The ONS said that first quarter growth was boosted by growth in industrial output of 0.7 percent, which was the strongest rise since Q3 1999. Output was boosted by oil and gas extraction, where there had been no disruptions in the first quarter, while electricity and gas output had been helped by the cold weather.
Service sector growth slowed, however, to just 0.6 percent in Q1 after growth of 1.0 percent in the last three months of 2005 and the
weakest since Q4 2004, due to weaker retail and car sales.
The ONS said that within retailing, the largest contribution to the slowdown in output was from non-food stores.
Edited by Realistbear

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  • 333 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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