|
archived news blog
February 2012 (8)
January 2012 (44)
December 2011 (33)
November 2011 (47)
October 2011 (42)
September 2011 (43)
August 2011 (47)
July 2011 (44)
Economy still contracting but at slower rate. Pearson May News Update - Thursday 26 November
Economy still contracting but at slower rate
The UK economy is still shrinking but at a more moderate rate.
The Office for National Statistics (ONS) has issued a revised estimate for GDP in the third quarter of the year.
Its previous estimate of a 0.4 per cent decline was greeted by surprise by many analysts. Now the statistical organisation has, as anticipated, revised its figures upwards but only by a small margin.
According to the ONS, the economy shrank by 0.3 per cent in the third quarter, still leaving it mired in recession.
A more detailed analysis of the data showed that manufacturing output fell quite sharply (0.8 per cent), while there was also a more moderate drop in the services sector (0.1 per cent).
The result is that the UK economy is now 5.1 per cent smaller than it was a year ago.
It is thought that the Chancellor, Alistair Darling had been waiting for the revised set of figures before applying the finishing touches to his economic forecasts in the pre-Budget Report.
The ONS took the step of publishing an article alongside the new data, perhaps in response to criticism that it had underestimated the progress being made by the economy. The article said that the UK’s first estimate of GDP is the earliest provided by any developed economy and that average revisions amount to no more than 0.05 per cent between the initial estimates and those delivered two years later.
Some observers believe that further revisions for the third quarter will still be made, suggesting that growth may have been closer to 0 per cent than 0.3 per cent.
Business General
This section contains a host of advice and information on a range of business matters, from insuring your
business to dealing with employee absence. Simply visit the topics listed below for further information,
ideas, tips and strategies on how to take your business forward.
Click here for more information
See What's On Our Site
Our site also contains:
- A huge database of business information
- Your portal to the web with our powerful search facilities and Links section
Home | Contact Us | Recruitment | Services | News | Knowledge Centre | International
About Us | Companies House Search | Links | Search | Register | Logout
Terms
and Conditions
Technical Problems - email service@pearsonmay.co.uk
Copyright © 2009 Pearson May. All rights reserved.