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UK growth remains strong and expectations are upbeat
The rate of economic expansion dipped slightly in the three months to September following a near record-breaking previous month – but growth is still strong, according to the latest CBI Growth Indicator.
The survey of 775 respondents across the manufacturing, retail and service sectors showed the pace of growth slowed down but remained firm, with a balance of +22% in September, compared with +31% in August and a long-run average of +4%.
The business & professional services and retail sectors continue to show robust growth, but manufacturing stalled in the quarter to September, for the first time in almost two and a half years.
Firms anticipate another strong expansion in business volumes over the next three months.
Rain Newton-Smith, CBI Director of Economics, said:
“It’s good to see growth in the UK is still strong, led by robust consumer spending and business investment.
“While for most businesses the next three months are looking upbeat, some manufacturers are having a tough time. The strength of the pound is hitting exports to the Eurozone, and emerging markets have lost some of their sparkle.
“Even though the UK’s direct exposure to China is small, there is a risk that the impact on global growth from a further slowdown in the world’s second-largest economy could bear down on UK trade even more than we expect.”
