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OECD says UK economic growth ‘firming’


Oct economic indicator climbs to 100.5 from 100.3

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The Organisation for Economic Cooperation and Development (OECD) saw UK "economic growth firming" in October.

In an announcement on Monday, the France-based organisation said its monthly composite leading indicator (CLI) of economic growth for the UK rose to 100.5 in October from 100.3 in September. The October CLI also compares favourably with a reading of 100.1 in August.

The month-over-month increase in the CLI was 0.23 percent in October, which was up from increases of 0.22 percent in September, 0.16 percent in August, 0.16 percent in July and 0.12 percent in June.

Howard Archer, chief UK economist at IHS Global Insight, noted that while the OECD’s leading indicator supports hopes that the UK can achieve gradually improving growth in 2013, the fact is that latest surveys and data have been largely disappointing.

"It currently looks more likely than not that the UK will suffer a renewed dip in GDP in the fourth quarter following the 1.0 percent quarter-over-quarter rebound in the third quarter...We suspect that GDP growth will be modest overall and fitful in 2013," he said.

Fiscal austerity kicking in further, still difficult credit conditions, muted global economic activity and continuing serious problems in the Eurozone are all likely to hamper UK growth for some time to come, according to Archer.

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OECD says UK economic growth ‘firming’
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