ANY discussion of the latest economic growth statistics must always be prefaced by a health warning. These are early estimates which are often revised, sometimes drastically.
So much for the caveats. The
One couldn't really have hoped for much more, and the early breakdown suggests a broadly balanced recovery, with industrial production up 0.8 per cent, services by 0.9 per cent and construction by 0.3 per cent, still the only real area of weakness.
The officially reported level of
The overall picture is far from perfect. Huge imbalances remain, including rocketing house prices and the distortions created by loose monetary policy. But yesterday's figures were a good step in the right direction.
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