Tuesday, 1 November 2011

Braced for growth figures

Ahead of this morning's third-quarter growth figures there is little to warm the cockles of the heart when it comes to the economy.

Greece's decision last night to put the debt deal to a referendum will hardly adhere global markets to the Euro and puts in doubt last week's rescue package which was already getting nervous reaction from the market.

Meanwhile there are various reports appearing which will further undermine confidence.

The latest from OECD says that Europe will grow by just 0.3 per cent next year and the US by 1.8 per cent throwing political forecasts into disarray.It though decided not to reveal its specific forecasts for individual countries

The figures will be out at 9.30 but economists are forecasting output to have risen only 0.3 per cent between July and September hardly a cause for celebration especially given the second-quarter numbers were artificially depressed by special factors, including the additional bank holiday for the royal wedding.

Back in March,remember the Office for Budgetary responsibility was forecasting growth of nearer 0.9 per cent

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