Latest GDP numbers mean Britain’s economy has shrunk since general election

The latest poor GDP numbers mean Britain's economy has shrunk since general election.

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Today’s GDP figures mean Britain’s economy has shrunk since the general election and will need to grow by 1.3 per cent in the second half of the year to avoid being in recession for the totality of 2012.

George-OsborneTo meet the OBR’s latest projection that GDP would grow by 0.8 per cent in 2012, growth in the remainder of the year would need to be an astonishing 3.0 per cent.

Even the IMF’s projections last week of just 0.2 per cent growth for the UK now looks ambitious. Growth of in the remainder of the year would need to be 1.8 per cent to achieve that slender target.

In March, the OBR published their latest Economic and Fiscal Outlook (pdf). This included quarterly estimates for GDP growth in 2012 as shown in Table 3.3 below.

Table 3.3:

The-quarterly-GDP-profile
Since the estimates were published:

• Q4 data for 2011 was revised down to -0.4 per cent;

• Q1 data for 2012 was released showing that GDP was -0.3 per cent;

• And today, the latest data shows that the economy contracted again in Q2 by -0.7 per cent.

The latest data shows the economy is smaller today than it was in in the first quarter of 2010 and now 4.5 per cent below the previous peak in the first quarter of 2008.

 


See also:

Labour market update: No good news for young people 18 Jul 2012

IMF downgrades growth forecast AGAIN as Balls warns of “heavy long term price” of failure 16 Jul 2012

Labour seize on CBI’s “damning indictment” of Osborne’s “really disappointing” growth fail 12 Jul 2012

Economic update – July 2012: GDP predicted to fall again 9 Jul 2012

Osborne wrong again in passing buck to eurozone 10 Jun 2012


 

In the two years since the general election, the economy has fallen by 0.3 per cent. This contrasts starkly with the OBR’s first projections, before the emergency budget in June 2010, which showed projected growth of 2.6 per cent in 2011 and 2.8 per cent in 2012.

 


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62 Responses to “Latest GDP numbers mean Britain’s economy has shrunk since general election”

  1. neil

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  2. neil

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  3. Mr Ranty

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  4. Mr Ranty

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  5. FiveDee kittehs

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  6. FiveDee kittehs

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  7. Richard Darlington

    RT “@leftfootfwd: Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/Vggg23vU by @wdjstraw” of @IPPR

  8. Richard Darlington

    RT “@leftfootfwd: Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/Vggg23vU by @wdjstraw” of @IPPR

  9. Richard Darlington

    RT “@leftfootfwd: Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/Vggg23vU by @wdjstraw” of @IPPR

  10. Shifting Grounds

    Will Straw tackles the GDP figures @leftfootfwd @wdjstraw http://t.co/MSSy1x8s

  11. Shifting Grounds

    Will Straw tackles the GDP figures @leftfootfwd @wdjstraw http://t.co/MSSy1x8s

  12. Katie Stanton

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  13. Katie Stanton

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  14. Katie Stanton

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  15. Shamik Das

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  16. Shamik Das

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  17. Shamik Das

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  18. liane gomersall

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  19. liane gomersall

    Latest GDP numbers mean Britain's economy has shrunk since general election | Left Foot Forward http://t.co/vl10EjG5

  20. Mark Howard

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  21. Mark Howard

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  22. Stephen Bloomer

    RT @leftfootfwd: Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/Pj4wsT1n by @wdjstraw @nicvacee

  23. Stephen Bloomer

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  25. NewsatLeft

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  26. NewsatLeft

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  27. NewsatLeft

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  28. NewsatLeft

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  29. NewsatLeft

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  30. NewsatLeft

    Latest GDP numbers mean Britain’s economy has shrunk since… http://t.co/mbli2RgT #SustainableEconomy #doubledip #economy #GDP #Growth

  31. NewsatLeft

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  32. Colin Yeates

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  33. Colin Yeates

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  34. Colin Yeates

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  35. Colin Yeates

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

  36. Pulp Ark

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  37. Pulp Ark

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  38. Pulp Ark

    Latest GDP numbers mean Britain’s economy has… http://t.co/kZUvOy8N #SustainableEconomy #doubledip #economy #GDP #muslim #tcot #sioa

  39. Pulp Ark

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  40. leftlinks

    Left Foot Forward – Latest GDP numbers mean Britain’s economy has shrunk since general election http://t.co/N6rhKmpy

  41. Political Planet

    Latest GDP numbers mean Britain’s economy has shrunk since general election: The latest poor GDP numbers mean Br… http://t.co/xQDm8My7

  42. William Bain

    RT @leftfootfwd: Latest GDP numbers mean Britain's economy has shrunk since general election http://t.co/l6PVuCIE

  43. Brad Marshall

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  44. KMJ

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  45. Tristan Osborne

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  46. golightmyway

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  47. Alex Braithwaite

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  48. Marzia Gitto

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  49. Will Straw

    Economy shrank since last election & OBR will again revise down their 2012 GDP forecast. My analysis for @leftfootfwd http://t.co/GBKsVxug

  50. IPPR

    Latest GDP numbers mean Britain's economy has shrunk since general election: http://t.co/HMNDAzax by @wdjstraw

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