Good news for the UK economy as output rises

By Michael Stones contact

- Last updated on GMT

Related tags: Economics

Two pieces of good news for the UK economy arrived this week
Two pieces of good news for the UK economy arrived this week
Two pieces of good news for the UK economy arrived this week in the form of a modest increase in economic output and rising optimism among manufacturers.

Figures released by the Office for National Statistics (ONS) confirmed today (October 25) that gross domestic product (GDP) climbed by 0.8% between July and September – the fastest growth for three years.

The increase follows a 0.7% increase between April and June.

The news prompted George Osborne, Chancellor of the Exchequer, to tweet: “This shows that Britain’s hard work is paying off & the country is back on the path to prosperity.”

Earlier in the week the Confederation of British Industry (CBI) revealed that optimism among UK manufacturers rose at the fastest rate since April 2010, as orders and output grew steadily in the three months to October.

‘Increasing confidence’

Stephen Gifford, CBI director of economics, said: “The manufacturing sector has increasing confidence in the UK’s recovery with optimism about the general business situation improving to the greatest extent since April 2010.

“New orders and output are continuing to grow steadily and expectations for the next three months are promising.

“But there are only limited signs of rebalancing towards exports or investment, with marginal growth in export orders and firms scaling back plans for capital expenditure on plant and machinery.”

Meanwhile, recent months have seen the business failures of Pooles Pies and Big D nut manufacturer Trigon Snacks.

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1 comment

UK food and drink manufacturers more optimistic

Posted by Helena O'Neill,

This is indeed good news for the UK economy and for UK food and drink manufacturers. The Food and Drink Federation's Q3 2013 Business Snapshot, published on 18 October, shows that optimism amongst food and drink manufacturers is at its highest levels since 2010. We track business confidence in our sector through this quarterly survey - you can view the latest results at:
http://www.fdf.org.uk/industry/business-snapshot.aspx

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