Is the UK Economy Growing?

The Office for National Statistics published reports today showing Gross Domestic Product (GDP) or UK output has increased by 0.5 % in the last 3 months.

Transport, storage and communication increased by as much as 2.7% in the last 3 months, with Post and Telecommunications contributing the most. The increase came after a decrease of 1.7% in the previous quarter. Construction was the least successful industry with a decrease of as much as 4.7% as opposed to 2.3% in the final 3 months of 2010.

Manufacturing and business services and finance were also successful. Manufacturing increased by1.1% and business services and finance increased by 1%. Electricity, gas and water supply saw a 3.5% decrease as opposed to a 4.3% increase in the previous 3 months. Similarly, mining and quarrying also saw a decrease of 3.5% as opposed to a 4.3% increase in the last quarter of 2010.

It was estimated that GDP decreased by 0.5% in the final quarter of 2010 due to abnormal weather conditions and one of the coldest winters in the last decade. Figures are now the same as they were in the third quarter of last year. The economy could well be growing, but it may just be an illusion. Only time will tell.

Source:

https://www.statistics.gov.uk/cci/nugget.asp?id=192