Just when everyone seems to be revising down expectations of growth, real world data starts pointing in the opposite direction. The Office for National Statistics estimates this morning that GDP grew by 0.5 per cent in February. It also revised January’s figures upwards to give growth for the last quarter of 0.6 per cent, and annual growth of 1.4 per cent. That is almost looking healthy – although less so when you consider the growth in the population is thanks to high migration.
What’s more, growth was reasonably balanced, with the production sector growing by 1.5 per cent in February and construction by 0.3 per cent. Even car manufacturing had a positive month. These are areas of the economy which have shrunk in recent times even when services have grown.
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