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Friday, 23 July 2010

GDP Figures

Commenting on today's GDP figures, Dr Brian Sloan, Head of Business & Economic Policy at Greater Manchester Chamber of Commerce, said: "The economy has continued to grow, strengthening by 1.1% in quarter 2. We predicted these figures would show stronger growth on the back of our quarterly economic survey in June, though this result is even better than we had anticipated. It is great news for business, jobseekers and eases the threat of a double dip recession.

"Economic activity in this region is becoming a reliable barometer of the overall national picture; however our results indicate that the construction sector remains very much in the grip of recession within the City Region. This contradicts the outcome for the whole country which has witnessed a dramatic increase in growth, 6.6%.

"We reserve judgement on the figure for construction as this release marks a change in the method used to estimate growth, and a downward revision of this figure would bring overall growth into line with our pre-release expectations."

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