Trade between developing countries – so-called ‘South-South’ trade in merchandise exports has now reached a record $4.7 trillion (in current prices) in 2012. This is a highlight of the fact that total world merchandise exports have more than tripled over the last 20 years to reach $18 trillion. These figures have recently been published by UNCTAD in its Handbook of … Continue reading

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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

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Manufacturing falls, and trade gap worsens

On top of the looting and mayhem, the UK economy is suddenly looking very flat indeed. UK manufacturing output fell by 0.4% in June according to figures from the Office for National Statistics. This compares with an increase of 1.8% in May which had led many analysts to expect manufacturing would have risen by about 0.2% in June. There is … Continue reading

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What Roger Bootle thinks about UK manufacturing

Roger Bootle, Managing Director of Capital Economics, shared his thoughts in an article in The Telegraph today. He examines the question: “Does manufacturing matter?” To which he answers ‘yes’. And to the question: ”given that we’ve got so little of it left, aren’t we essentially finished?” he answers ‘no’.   UK manufacturing’ share of GDP has fallen from over 30% … Continue reading

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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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No sign of an export-led recovery

The UK’s deficit on trade in goods reached a record level of £9.2bn in December, and compares with a deficit of £8.5bn in November. Exports rose by £0.3bn and imports rose by £1.1bn, according to figures just released by the Office for National Statistics. Fortunately, the surplus on trade in services remained robust in December, although at £4.4bn it was … 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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UK trade deficit narrows slightly

The UK’s deficit on trade in goods and services was reduced to £4.6bn in September, compared with a deficit of £4.9bn in August according to the Office for National Statistics. In July, the deficit recorded was the highest for five years, so at least we have two months of figures moving in the right direction. When we look at the … 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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