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PRELIMINARY GDP FIGURES GIVE MISLEADINGLY STRONG IMPRESSION

19/10/07 | 10:07

"Preliminary GDP figures for Q3 2007 showing 0.8% quarterly growth are surprisingly strong and may well be revised down". In particular the 1.0% quarterly growth in total services, and the 1.7% growth in business and financial services are difficult to believe in the light of the credit crisis and Northern Rock.

"The main risk is that today's figures may push the MPC towards adoption again a more hawkish stance and that would be very dangerous. In spite of today's figures we believe that the economy is set to weaken sharply, and the MPC may well have to consider cutting interest rates before to long".

ENDS

MEDIA CONTACT:

NICK DINES
Tel: 020 7654 5812
Email: n.dines@britishchambers.org.uk

NOTES TO EDITORS:

The British Chambers of Commerce (BCC) is the National Voice of Local Business.
The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce serving business across the UK, which employ over five million people.

Other related links: STRONG GDP FIGURES WILL REINFORCE PRESSURE FOR HIGHER INTEREST RATES
[20/07/07 11:15]

Commenting on today’s GDP figures, David Kern, BCC Economic Adviser said:; GDP figures confirm worsening threats facing the economy
[23/05/08 11:29]

Commenting on the GDP figures published today by the ONS

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