Growth slump just a ‘wobble’
A SURPRISE drop in quarterly economic growth is a ‘wobble’ rather than signalling a serious slowdown, according to a regional business adviser.
Ian Morrison, PwC’s regional leader, said: "Data showed a surprisingly sharp drop in quarterly GDP growth to just 0.3 per cent driven by falls in construction and North Sea oil out-put, flat manufacturing and a moderation in services growth.
“But we think this is a wobble rather than the start of a serious slowdown.”
The decline in construction and business and financial services growth were contrary to recent survey evidence. It would therefore be premature to conclude that the UK economic recovery is stalling," he said.
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