Terry Scuoler, Chief Executive of manufacturers' organisation EEF, said today's GDP figures were a "welcome development" but warned they are "skewed due to a series of one off events" and there are questions on whether the pace of growth will continue into the new year. He said:
A true account of the UK’s economic performance has been skewed recently due to a series of one-off events, and this quarter is no different. The question is whether this first estimate is enough to signal an improvement in the underlying growth picture.
With survey data, particularly in our major markets, pointing to difficult trading conditions in recent months, it’s unlikely this pace of expansion will be maintained into the new year.
The pressure is still on for government to set out a clear vision of its economic priorities in the forthcoming Autumn Statement.
Today's GDP figures are obviously good news, but the Chancellor is rightly cautious about the state of the recovery.
Underlying growth is a rather less impressive 0.3 per cent when the Olympics and bank holidays are taken into account.
Official figures are expected to confirm today that the UK economy has pulled out of recession. But future growth could remain slow.