Niesr estimates growth down slightly at 0.8 per cent
(NIESR)
Think tank Niesr has released its growth estimate for the three months to September, with a slight drop to 0.8 per cent, after the 0.9 per cent growth seen in the three months to August.
The research centre predicts that the production sector, despite the drop in output between August and July, has made a positive contribution to growth, which it believes is returning to the UK economy more quickly than other estimates suggest, despite GDP is currently 2.5 per cent below its pre-recession peak (January 2008).
Yesterday's manufacturing data for the third quarter showed some of the strongest growth on record. Morning Wire's Michael Bird wrote:
The report shows some of the strongest balances ever seen by the manufacturing sector, beating every quarter since 1989.
Indexes for employment, cashflow, turnover confidence and operating at full capacity are some of those at the highest levels seen since the survey began more than two decades ago.
In the dominant UK services sector, the BCC’s employment index is at its highest level since 2007, before the onset of the recession.