Construction leads higher than expected UK economic growth

THE North East Chamber of Commerce (NECC) today welcomed UK growth estimates that show the economy growing more quickly than many economists have predicted.

The UK GDP growth estimates for the second quarter of 2010 show 1.1% growth. The Office for National Statistics, which publishes the figures, says this reflects growth across the board in services, production and most notably construction which grew by 6.6%.

Ross Smith, NECC head of policy, said: “NECC’s own economic research has shown continued growth in the region in the second part of this year – a feat in its own right – but our latest quarterly North East Business Barometer suggested this was considerably more fragile than today’s UK GDP figures indicate.

“With a major head wind expected in the region as the Government cuts public sector spending, it remains critically important that all policy decisions affecting the North East are subjected to an economic recovery test to make sure efforts are focused entirely on continuing this recovery.”

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