The UK economy grew an estimated 0.6% in the three months to June.
Output grew in all of the construction, manufacturing, services and agriculture sectors according to the Office for National Statistics (ONS).
The Chancellor George Osborne said it showed the economy was "on the mend", but his opposite number Ed Balls said families were still suffering.
Despite the relatively strong figure, analysts said the outlook for the rest of the year remained uncertain.
"Start Quote
End QuoteShould we be pleased? Absolutely. But I doubt that the chancellor or the Bank of England governor will call themselves satisfied "
The 0.6% seasonally-adjusted growth rate was in line with market expectations, and was up from 0.3% growth in the previous quarter.
"This isn't a figure that should be shouted from the rooftops by any means," said Richard Driver, currency market analyst at Caxton FX. "But given where we have been and where most other global economies are now in terms of economic growth, it is more than satisfactory.
"The challenge now is to maintain this pace of growth in the second half of the year and the prospects look highly uncertain in this regard.''
It is the first estimate for growth during the second quarter of 2013, and is based on about 44% of actual data on economic activity.
"These figures are better than forecast," said Chancellor George Osborne. "Britain is holding its nerve, we are sticking to our plan, and the British economy is on the mend - but there is still a long way to go and I know things are still tough for families."
The shadow chancellor, Ed Balls, welcomed the growth figure "after three wasted and damaging years of flat-lining", but warned that "families on middle and low incomes are still not seeing any recovery in their living standards" because wage rises were failing to keep up with increases in prices.
Broad-based recoveryThe latest growth estimate implies that the economy has now recouped almost half of its total 7.2% contraction during the 2008-09 recession, with output remaining 3.3% below its pre-recession peak.
The growth figure reflects the seasonally-adjusted increase in output in the second quarter of the year, compared with the first quarter. Compared with the second quarter of 2012, gross domestic product grew by 1.4%.
The recovery was unusually broad-based, with the agriculture and production sectors both turning in positive growth, alongside services and construction.
How the different sectors are faring
| Sector | Latest quarterly growth | Compared with pre-recession level |
|---|---|---|
| Services | 0.6% | -0.2% |
| Production | 0.6% | -13.4% |
| ..of which manufacturing | 0.4% | -10.2% |
| Construction | 0.9% | -16.5% |
| Whole economy | 0.6% | -3.3% |
The services sector grew 0.6% in the three-month period, compared with the previous quarter, and was just 0.2% below the peak level it recorded in early 2008.
The sector is the largest component of the UK economy - constituting about 80% of output - and made the largest contribution to the overall growth figure.
Within services, business was particularly strong in the hotels, restaurants and distribution according to the ONS, expanding 1.5% in the quarter, on top of 1.2% growth in the first three months of the year.
While both the construction and manufacturing sectors bounced back in the latest quarter, they both remain far below their levels back in 2008 before the recession.
"It's very striking that construction and manufacturing, not only are they still well below where they were, they really did have a double-dip," said the BBC's economics editor Stephanie Flanders.
"The crucial thing, the thing that we really hope is not here for good, is the lack of investment. Companies are sitting on a lot of money, maybe 6% or 7% of GDP… they're not investing, they're sitting on the sidelines."
Please turn on JavaScript. Media requires JavaScript to play.
Shadow chancellor Ed Balls: "We need action to sustain recovery"
Construction experienced a second sharp slump in early 2012, while manufacturing - which had experienced a modest rebound up until late 2010 - has steadily declined in almost every quarter since then, in large part due to weak demand from the crisis-struck eurozone.
"For manufacturing, this should signal the start of a gradual improvement in output and orders books through the rest of this year," said Lee Hopley, chief economist at the manufacturers trade body, EEF.
"Indeed better news on eurozone activity this week gives further cause for a bit of optimism for manufacturers and exporters but, importantly, we need to see output growth followed by a turnaround in business investment in the coming quarters."
Low interest ratesThe growth figure was in line with market expectations, and share prices on the London Stock Exchange did not react to the news.
However, the pound did drop just under half a cent against the dollar to $1.533, indicating that some market participants believed the data may support further monetary intervention by the Bank of England.
Continue reading the main storyThe Bank is next due to discuss monetary policy on 1 August.
Of potentially greater significance will be the publication of the next inflation report on 7 August, which is when the Bank has said it will begin issuing "forward guidance" - a soft commitment as to how long it will keep interest rates at their current historic low of 0.5%.
"With risks still pervading there is enough in this release to keep more dovish MPC members pushing for more to stimulate the economy," said David Tinsley, UK economist at BNP Paribas.
Anda sedang membaca artikel tentang
UK economy shows broad-based growth
Dengan url
http://cangkirtehhangat.blogspot.com/2013/07/uk-economy-shows-broad-based-growth.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
UK economy shows broad-based growth
namun jangan lupa untuk meletakkan link
UK economy shows broad-based growth
sebagai sumbernya
0 komentar:
Posting Komentar