GOOD NEWS! Today it was announced that the economy grew by a barn storming 0.6% in the second quarter of this year! This follows on from a 0.3% rise in GDP in the first quarter of the year.
So, total growth of 0.9% for the year so far. That’s not bad going compared to the last few years. During the recession in 2008-2009, the UK retracted in total 7.2%. Up to now, the economy has recouped half of that. Construction in the last quarter was up 0.9%, continuing it’s steady rise. However, it still remains 16.5% below it’s peak – so still some way to go. It will probably take at least another 3 years for the economy to get back to it’s pre-recession levels. Which I don’t think is a bad thing.
We don’t want the economy to suddenly explode into life again. Sudden massive growth only increased the risk of a sudden bursting of the bubble. What the economy needs, which is still really hasn’t ever found, is that sustained level of steady growth without the economy overheating or imploding completely. This sort of environment is of course very hard to control and external influences like the banking sector (which caused the financial crisis) can ruin the best laid plans.
Staying on a positive note however, I can report that the family business has finished July with the strongest week of the year so far and the beginning of August is looking pretty good too. From what I hear on the grapevine, the industry really might start to be having a genuine and sustained recovery. Not like the last 6 months of last year which may now be seen as a false start.
So, onwards and upwards everyone, things might finally start to be looking alright!