ECONOMIST VIEWS: IS GROWTH AS WEAK AS THE ONS SAYS?

MICHAEL SAUNDERS | CITI
Overall, the economy has shown underlying growth in the last two quarters, once erratic swings in construction are stripped out. This is not so bad given the heavy headwinds from fiscal tightening and high inflation.

SIMON WARD | HENDERSON

This may seem modest but early GDP numbers during recoveries have historically been revised up while trend economic growth may be only about 2 per cent a year, rather than the 2.35 per cent currently assumed.

ANDREW GOODWIN | ERNST & YOUNG ITEM CLUB

The extreme volatility in the construction data over the year since the ONS introduced its new monthly construction survey is in danger of undermining the credibility of the GDP series, such is the degree to which such a small sector is influencing the headline figures.