British economy is expanding despite weak global growth

Chris Papadopoullos
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ECONOMIC growth picked up pace in the three months to August, new survey data suggests, despite a weak global economy weighing on exports.

The percentage of firms that said output had climbed over the period minus those that said it had declined was 31 per cent, according to research released today by the Confederation of British Industry (CBI). It makes August the second highest scoring month this year.

While growth was generally broad-based, the CBI said manufacturing growth was flat and that exporters were still struggling due to a combination of a strong pound and weak growth abroad - especially the Eurozone, the UK's biggest export market.

"The weather may have been a washout this month, but the sun has certainly been shining on the British economy. The pace of growth has been energised across the sectors, and it is good news that this is set to continue as we head into the autumn," said Rain Newton Smith, CBI director of economics.