It's very bad news. Numbers such as this put a dent in the view that exports can pick up to counter a slower consumer sector. Growth this year isn't going to be that great.
More Quotes from Gavin Redknap:
The Bank of England will be comforted by a report which shows a remarkable degree of balance in the economy with manufacturing reviving to contribute almost as much to growth as services. It won't alter their inclination to leave rates on hold for now.Gavin Redknap
A rebound today will allay fears the consumer sector is continuing to struggle. The improvement in the housing market should bolster consumer spending.
Gavin Redknap
Brown will hope that his performance (on Wednesday) will help to change the public's perception of him from stern chancellor to benevolent potential future prime minister.
Gavin Redknap
The minutes indicate a majority that feels satisfied with the current economic climate. The Bank noted inflation and inflation expectations remained anchored. Meanwhile growth had already picked up to its long-term average, and was likely to remain there in the next few quarters. Today's GDP release certainly confirmed the former point.
Gavin Redknap
Should consumer services start to reinvigorate as anecdotal evidence suggests, the outlook for the sector as a whole should improve substantially. The data is very much consistent with the Bank staying on hold next week.
Gavin Redknap
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