The risk is that higher oil prices will reduce capacity growth, for example by making some capital equipment unprofitable to use.

ECONOMIST: The Bank is in no hurry to raise the price of money

But some of that growth is making up for the losses in the second quarter from the royal wedding bank holiday and other one-offs.

BBC: It's economic growth, but not as we know it

"Coming off the holiday shortfall, we're in the process of making some adjustments to our strategy as we continue to pursue the exciting growth opportunities ahead for us in the consumer and digital education content markets, " he said.

WSJ: Barnes & Noble posts 3Q loss as Nook demand slows