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SLOWER GDP GROWTH REINFORCES NEED FOR BOLD AUTUMN STATEMENT MEASURES

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Date: 24/10/2014

Today has seen the release of GDP figures for Q3, with the key findings documented below.

• GDP growth in Q3 2014 was 0.7%, down from 0.9% in Q2 2014
• Growth was widely spread: output increased by 0.7% in services, 0.5% in production, 0.8% in construction
• Year on year growth in Q3 2014 was 3.0%
• In Q3 2014 GDP was 3.4% higher than its pre recession peak in Q1 2008

Commenting on the preliminary GDP figures for Q3 2014, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:

“It is disappointing that GDP growth slowed in the third quarter, but not surprising in view of recent data, including our own economic survey published earlier this month. But it is important to put this slowdown into context; the economy is still growing at a satisfactory pace and we are expanding more rapidly than most other G7 economies. At the same time, we cannot ignore the fact that our economy is facing major challenges. We have unsustainable twin deficits – both on the budget and on the current account, and the problems being felt by our major trading partners in Europe are adding to the difficulties facing our exporters.

“But it is also important not to accept the defeatist view that a slower rate of growth is unavoidable. With the right measures in place, the British economy is able to deal with its problems and regain dynamism. What is needed now is for the MPC and the government to reinforce efforts to support the recovery. Interest rates must be kept at their current low levels well into 2015, while the Chancellor’s Autumn Statement in December must include bold measures to support growth and enterprise.”