Bounce back for UK economy
Oct 12 2009
“The UK economy shows signs of a bounce back”
Business output grew in all UK regions last month, with the exception of Northern Ireland.
According to research from financial information firm Markit, the strongest rises in business activity were recorded in Wales and the North East, with increases from 57.4 to 59.9 and 53.8 to 58.4 respectively. In Northern Ireland, private sector activity dropped for the twenty-second month running from 48 to 45.8.
However, job shedding continued in all twelve UK regions, a trend which has occurred each consecutive month since July 2008.
Tim Moore, an economist at Markit, says: ‘The latest data provides encouragement that the rebound in overall UK business activity has reverberated across all regions. The economic picture remains much brighter than in the second quarter, but falling employment highlights that the recovery is in its early stages.’
The British Chambers of Commerce predicts that GDP will drop by 4.3 per cent this year, followed by growth of 1.1 per cent in 2010.