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Some good news at last as GDP rises
There was a strong upturn in the UK economy in the third quarter of this year, as GDP grew by 1% from the second quarter level. This was following three consecutive quarters of contraction when the economy slipped back into recession and was the strongest quarterly growth since 2007 according to the figures released this morning by the Office for … Continue reading
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If only a double-dip was an ice cream
In the last few minutes it has just been announced that the UK is officially back in recession. Gross Domestic Product fell by 0.2% in the first quarter of this year, which follows on from a decline of 0.3% in the fourth quarter of last year. The official definition of a recession is two consecutive quarters of negative growth. And, … Continue reading
Posted in economic growth
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UK GDP falls in the last quarter of 2011
UK GDP shrank by 0.2% in the final three months of last year, according to figures just published by the Office for National Statistics. This is the first fall since the last quarter of 2010. Most economists had expected a drop of 0.1%, although this is only a preliminary estimate and may well be corrected at a later date. The … Continue reading
Posted in GDP
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UK Growth is “on a plateau”
Is the UK economy grinding to a halt? Latest figures show that GDP in the first quarter of 2011 grew at only 0.5%. This follows on from a decline of 0.5% in the last quarter of 2010, which suggests that overall the economy has stood still for the past six months. As Joe Grice, chief economist for the ONS put … Continue reading
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Shock figures on UK economic growth
UK GDP actually fell by 0.5% in the fourth quarter of 2010, according to figures just released by the Office for National Statistics. This figure has come as a complete shock to economics observers, with most analysts predicting a growth figure of between 0.2% and 0.7%. Since the recovery started in the final quarter of 2009, we have seen four … Continue reading
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Surprise lift for UK economy
The UK economy grew by 0.8% in the third quarter of this year, following 1.2% growth in the second quarter. Most analysts had been predicting a growth figure of around 0.4%, so this is obviously good news. But, we need to bear in mind that these are provisional figures and are subject to revision at a later date. I have … Continue reading
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UK growth better than originally thought
Revisions by the Office of National Statistics show that Gross Domestic Product fell by 0.6% in the three months from April to June this year. The first estimate had been a decline of 0.8% which was subsequently downgraded to 0.7% and now 0.6%. This means that GDP is now 5.5% lower than the second quarter of 2008. What caused … Continue reading
It was worse than we thought
Yesterday the ONS produced revised figures for GDP growth in the first quarter of 2009. Their original estimate had been that GDP fell by 1.9% but this has now been revised downwards to 2.4%. This was the biggest quarterly fall for 51 years. It is reasonable that revisions have to be made retrospectively, but we are not used to … Continue reading
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