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MNI BRIEF: Rising UK Real Wages A Boost To GDP - ONS's Fitzner

(MNI) London

The UK's flat growth in Q3 was in line with most of its G7 peers and output looks set to remain in a narrow channel for the foreseeable future, Grant Fitzner, chief economist at the Office for National Statistics said Friday. The data was a little above City expectations, but in line with Bank of England recent forecasts.

GDP was flat in the 3 months to September -- modestly negative to 2 decimal places -- and there seem to be little in the way of future growth drivers that would break a pattern of quarterly outcomes in a range either side of unchanged, Fitzner said.

The likely relative strength of household consumption as real wages are boosted by falling inflation will be a positive, he said, though he noted that both official and real-time data showed consumers were still wary of getting carried away with their spending.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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