Dramatic GDP growth unlikely to be sustained
Commenting on today's GDP figures, Geraint Johnes, director at Lancaster University’s Work Foundation, said:
“The preliminary GDP estimate for the third quarter shows a slight slowing of the annual growth rate from 3.2% to 3.0%. While this small change might not be worthy of much comment in isolation, there are other indicators that suggest that growth over the coming months may be somewhat slower than they were in the earlier part of 2014.
“The latest data on the production industries show that growth in that sector has stalled. Continued difficulties in the economies of major trading partners, particularly in Europe, along with the strength of the pound, make exports difficult. So while overall output should continue to grow over the foreseeable period, the dramatic growth that we have seen this year is unlikely to be sustained.”
