Latest GDP shows strong growth
Today the Office for National Statistics (ONS) announced that the Gross Domestic Product (GDP) in the 2nd Quarter had increased to 1.1% growth, this figure is preliminary however it has completely stunned economists and politicians who were expecting just about to achieve the target of 0.6%. There was significant growth in the services sector such as business and finance, whilst there was a fall in growth from transport and communication.
GDP in the first quarter of the year was 0.3%, the ONS said that the growth of 1.1% in any quarter last occurred in 1999 (Which is when the boom really started). The latest GDP figures are welcomed, but just goes to show though that this is the growth from the 2nd Quarter (Labour was in office for 2 of those 3 months) meant Labour was working. Labour’s shadow Chancellor, Alistair Darling says it proves that the Labour government did make the right decisions.
Did the electorate make the wrong decision over the economy? We shall have to see in the coming months.
TSF
[...] This post was mentioned on Twitter by Tom Scholes-Fogg, Labour North West. Labour North West said: Tom Scholes-Fogg: Latest GDP shows strong growth http://bit.ly/9j0yk0 [...]
I’m just wondering – does this mean that Labour’s arguement that cuts will throw us into a double-dip recession is now redudant, because Labour’s case was that growth was low (1.0%<) but now growth figures are getting bigger, cuts can be made without serious damage? Just wondering.
it was very interesting to read http://www.tomscholesfogg.co.uk
I want to quote your post in my blog. It can?
And you et an account on Twitter?