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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UK trade deficit in August – 2nd highest on record

The UK’s deficit on trade in goods and services increased to £4.2bn in August, from £1.7bn in July, according to the Office for National Statistics. This was the second highest figure on record for the total trade deficit. Our trade in goods deficit also widened to £9.8bn from £7.3bn in July. This was due to a drop in exports and … 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

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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

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UK Manufacturing grinds to a halt

Manufacturing has been driving our economic recovery, such as it is, and was expected to continue to do so. But, there is bad news. Although manufacturing output grew by 0.9% in January, it failed to grow at all in February. Alan Clarke, UK economist at BNP Paribas, was quoted as saying that the data was “bitterly disappointing”. The wider measure … 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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Surprise 2% increase in industrial output

Industrial output in the UK increased by 2.0% between February and March and also rose by 2.0% on the year to March 2010. This compares to analysts’ forecasts of a rise of around 0.3-0.4%. In fact, the Office for National Statistics had estimated that production would rise by 0.7% when they initially announced the GDP growth figures for the first … Continue reading

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How bad are the UK growth figures?

Gross Domestic Product (GDP) rose by only 0.2% in the first quarter of this year, compared with an increase of 0.4% in the previous quarter, according to the Office for National Statistics on Friday. This was lower than most economists expected. The first reason why it may not be as bad as feared, is that the initial estimate for the … Continue reading

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First annual increase in manufacturing for nearly two years

Total manufacturing output rose by 0.2 per cent in January 2010 compared to the same month a year ago showing the first annual increase since March 2008, according to figures just published by the ONS. Output increased in four of the 13 sub-sectors and fell in nine sub-sectors. The largest contributors to the rise were the transport equipment industries, which … Continue reading

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