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Economy remains resilient, says business group

 

Growth Indicator figures released by the Confederation of British Industry (CBI) show that economic growth in the three months to April remained steady compared to the same period last year.

 

The CBI said the manufacturing industry has seen poor performance due to weak export and the rising value of the pound. Growth has been kept on track by steady improvement in the service sector.

 

Katja Hall, Deputy Directory-General of the CBI, said: ‘UK economic growth appears resilient. Our surveys and member feedback indicate prospects for 2015 as a whole remain bright, with lower oil prices and inflation boosting household spending power and helping businesses, aside from the hit taken by the North Sea oil industry’.

 

The Growth Indicator figures are derived from 756 business responses, with economic activity data from a range of sectors.

 

Financial information service Markit recently released figures from their Purchasing Managers’ Index (PMI), which also show strong growth in the services sector.

 

Chief Economist at Markit, Chris Williamson, said: ‘The economy is showing robust growth momentum, expanding at a rate of 0.8% at the start of the second quarter’.