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Underlying economic growth flat but some early signs of knowledge led recovery

Ian Brinkley

27 April 2011

For immediate release: 27 April 2011

Commenting on today’s GDP figures, Ian Brinkley, director of socio-economic programmes at The Work Foundation, said:

“Underlying economic growth is flat – the gain in output in the first quarter of 2011 exactly balances the loss of output due to bad weather in the last quarter of 2010. This will affect job creation over the next few months, making any hope of an early reduction in unemployment remote.

“The good news is that manufacturing is doing well, and knowledge intensive high value business services and telecommunications showed signs of renewed growth – and these are the key sectors that will have to drive this recovery. 

“The bad news is that construction is in freefall, traditional services such as retailing are very weak, and the economic impact of cuts in public services is still to come. We will need to see the manufacturing boom sustained and much stronger growth in private services if the economy as a whole is to escape the trap of a long period of below average growth.”

 

Ends

 

Notes to editors

 

  1. Ian Brinkley is available for interviews and briefings.
  2. The Work Foundation is the leading independent authority on work and its future. It aims to improve the quality of working life and the effectiveness of organisations by equipping leaders, policymakers and opinion-formers with evidence, advice, new thinking and networks. In October 2010, Lancaster University acquired The Work Foundation, forming a new alliance that will enable both organisations to further enhance their impact. www.theworkfoundation.com

 

 

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Nasreen Memon 020 7976 3507 or 07825 527 036 nmemon@theworkfoundation.com