British Chamber of Commerce (BCC) on Latest UK GDP Figures

Wednesday 25 October 10:51

UK economy locked onto low growth trajectory

Commenting on the preliminary UK GDP figures for Q3 2017, published today by the ONS, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:

“While GDP growth in Q3 was a slight uptick on the previous quarter, the UK’s combined economic growth performance over the first nine months of 2017 was still the weakest since late 2012, and indicates that the UK economy remains locked onto a low growth trajectory.

“The manufacturing sector was a bright spot for the UK economy in Q3, with output picking-up in the quarter. The construction sector remains an area of concern with confirmation that it has once again slipped back into recession. However, its percentage contribution to GDP means its impact on overall growth in the quarter was limited.

“While the services sector was the largest contributor to GDP growth in Q3, the latest data confirms that activity in the sector remains muted, with growth unchanged from the previous quarter. BCC’s own Quarterly Economic Survey confirms that the sector remains under pressure with almost all services indicators below their pre-EU referendum levels, particularly for consumer-focused businesses.

“With the latest GDP data confirming that the UK economy is still in a challenging period, these figures are likely to weigh on whether the MPC will raise interest rates next month. We would urge the MPC to proceed with caution on raising rates, as tightening monetary policy amid the current economic and political uncertainty could weaken growth. Crucially, the focus of next month’s budget must be on supporting business growth, including addressing the escalating burden of up-front business costs.”

Events

  • Barclays AI Frenzy Free Event

    › read more
  • Law at Work - Disability Discrimination – Don’t DIS my ABILITY! Breakfast Briefing | 7.30am - 9.30am | Pomme d’Or Hotel

    › read more
  • Design Assembly Jersey – Commercial and Workplace Interiors CPD Event Event Time: 10am | Event Info: This is a FREE event.

    › read more
  • Le Masurier - Recharger Day 9.00am - 5.00pm | Radisson Blu Hotel

    › read more
  • MASTERCLASS - REAL LEADERS NEGOTIATE; Building Clarity, Trust & Confidence 13:30pm – 16:30pm | The Tribunal Service - 1st Floor International House - 41 The Parade - St Helier - JE2 3QQ

    › read more
  • Business Improvement Programme: Launch Event 08:00am – 10:00pm Location: Royal Yacht Hotel Weighbridge JE2 3NF St Helier

    › read more
  • FREE Gig-y-Don Music Event in aid of 'Brightly' 2pm - 9pm

    › read more
  • Chamber Connection Networking Night

    › read more
  • Critical Briefing: The Intergenerational Workforce 'Recruiting, managing and inspiring the Intergenerational Workforce'

    › read more
  • Digital Jersey Hub Desk Competition Competition to give digital entrepreneurs a boost!

    › read more

Chamber Knowledgebase

Our frequently asked questions

Contact Magazine

Click here to view the latest digital issue of the Channel Islands Business Magazine.

Jersey Airport / Harbours

The latest arrivals and departures, select a link above

Charity of Choice 2018

Click here to learn more about the vital work of the Jersey Employment Trust and how you can help.

The Benefits of Membership

Networking opportunities, including our popular luncheons
Topical seminar programme
Support and guidance on doing business in Jersey


And become one of over 500 member businesses supporting Chamber in its aim of ensuring that local business is at the heart of a thriving and diverse local economy.

Call 01534 724536
› About Chamber


Copyright © Jersey Chamber 2012 - The Jersey Chamber of Commerce welcomes your comments and views. However, the posting of comments is subject to our terms which can be read here. Comments posted by users of this site are not the Chamber's comments nor do they represent the views of the Jersey Chamber of Commerce.

↑ Back to top