Economic growth steady through the summer

Posted on 14 Sep 2017 and read 561 times
Economic growth steady through the summerPrivate-sector growth held broadly steady in the three months to August, according to the CBI’s ( latest Growth Indicator, which was based on survey data from 716 respondents across the manufacturing, distribution and service sectors.

The CBI says the balance of firms reporting a rise in output was +14% in the three months to August, broadly similar to the three months to July (+16%).

Economic activity was supported by a strong performance from the manufacturing sector and a pick-up in volume growth in business and professional services.

Meanwhile, growth in consumer services and the distribution sector eased after a strong performance in the three months to July.

CBI chief economist Rain Newton-Smith said: “While it’s encouraging that growth in the economy as a whole remains steady, it is also clear that firms in consumer-facing sectors are seeing choppier conditions, as rising inflation squeezes household incomes.

“With continued uncertainty weighing on investment decisions across the economy, businesses will be looking for positive signals from the UK-EU negotiations — chief among them agreeing transitional arrangements as quickly as possible.

“Domestically, we need to see urgent progress on productivity by powering ahead with a modern industrial strategy focused on ensuring that growth reaches all parts of the UK.”

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