At a glance, yesterday’s growth figures make for encouraging reading. If one is to dig deeper, however, the green shoots of recovery seem more distant than one may hope.
Although a percentage point of growth in one quarter is promising, it is worth remembering that GDP in volume terms is exactly the same when compared with Q3 in 2011. The economy is now flatlining slowly upwards rather than flatlining slightly downwards. It’s welcome, but it’s not significant.