I’m a bull, but even I didn’t expect this:
Britain’s economy grew faster than originally thought in the second quarter of the year, with growth hitting a nine-year high, official data showed on Friday, but analysts doubt the pace of recovery can be sustained.
The Office for National Statistics said the economy grew by 1.2 percent in the three months to June, up from its preliminary estimate of 1.1 percent, after construction output proved stronger than first estimated. Analysts expected no revision.
Naturally, analysts are already saying this GDP spurt can’t last. And to be fair it would annualise at well over 4%, which is so contrary to the media gloom as to seem the stuff of fairy tales.
(Source: Reuters)
{ 2 comments… read them below or add one }
I agree that everyone is far too negative.
Germany also had blow our numbers, obviously benefiting from Greece, Portugal and Spain hammering the Euro.
Continued high unemployment is a worry though.
just two thoughts:
October Spending Review
VAT rise
one swallow doesn’t make a summer…