(Based on September 2015 data releases)
This month’s headlines:
- UK growth in Q2 unrevised with the service sector and consumer spending driving growth.
- The QES for Q3 2015 signals moderate economic growth over the next year.
- US interest rates kept on hold for now amid continued global uncertainty.
The latest monthly economic review by the British Chambers of Commerce (BCC) showed that UK Economic Growth remained unrevised at 0.7%. However the UK’s recent GDP history has been upgraded by the Office of National Statistics. This is due to upward revisions to GDP growth between 2011 and 2013. The UK is now 5.8% above its pre-recession peak, up from an earlier estimate of 5.2%
The latest QES for Q3 2015 revealed weaker balances for both the manufacturing and service sectors but the survey did signal moderate economic growth over the next year. Click here to view the full Norfolk QES results.
As reported earlier in September, the US Federal Reserve decided against raising US interest rates. BCC have advised that they now expect the first rise in UK interest rates is likely to be seen in Q2 2015 at a rate of 0.75%.
