On the face of it, we should be celebrating. Little more than a month ago, we were speculating that the British economy might have grown by 0.6% in the second quarter – a reasonable, if unexciting performance.
Then, on July 23, the Office for National Statistics gave us its first snapshot (perhaps 'guess' might be a better word) of the real growth figure: it said that GDP had in fact expanded by 1.1%. Result: much celebration all round.
And yesterday, after a bit more number-crunching and careful reflection, the ONS said the right number was even higher, probably 1.2%. In other words, the rebound in the economy was twice as strong as we had originally speculated.
A striking recovery, indeed: the highest quarter-on-quarter increase for a decade.
So why aren't we all hanging out the bunting, planning street parties and throwing our hats in the air?
As with all economic statistics, it is worth scratching the surface to see what lies beneath. Between April and June, the economy received a hefty push from the construction industry.
When last month's preliminary estimates were released, it was suggested that this part of the economy grew by 6.6% quarter-on-quarter. Now, the increase is reckoned to have been 8.5%.
Read more: http://www.thisismoney.co.uk/money/news/article-1702843/British-economy-This-is-no-time-for-panicking.html#ixzz1dF4N4UPL
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