Economic output declined by 0.1 per cent in December, January and February, suggesting an economy that continued to flat-line in the first two months of this year, according to the latest data from NIESR.
Economic output declined by 0.1 per cent in December, January and February, according to the latest data from the National Institute of Economic and Social Research (NIESR), suggesting that the economy continues to flatline.
NIESR’s monthly estimate of GDP indicates that output declined by 0.1 per cent in the three months ending in February after a decline of 0.2 per cent in the three months ending in January 2013.
Because the economy grew slightly it is not technically in recession, yet it remains stuck in a depression because economic output is depressed below its previous peak.
The below graph shows how the economy has scraped along the bottom for the past 12 months, barely registering any growth whatsoever.
Today is turning into a stinker for the government, with data out this morning showing that government borrowing is likely to overshoot the chancellor’s target by £8bn this financial year, and figures from the Office for National Statistics showing a fall in manufacturing and production output for January.
14 Responses to “Economic output down in three months to March”
LB
Too much tax.
e.g Tax jobs.
For example, tax on fags stops people from smoking.
Tax on working stops people from working or employers from employing them.
Newsbot9
That’s right, growth is too high for you. You keep up the false equivalence, when the problem is demand and giving companies higher profits will just let them sit on them, as they’re sitting on their cash at present.
Mick
And there’s more bitching by LFF and more whining from Labour.
Yet in 2008, GDP fell to a 16-year low at 0.7%.
People in Labour have no right to moan about the Tory Government about anything, ever.
BenM_Kent
It’s just Labour ‘whining’ about Osborne’s calamitous 0.4% cumulative growth since he assumed office?
Did Moody’s downgrade based on Labour ‘whining’? Or did it finally recognise how useless the Tories are economically.
Newsbot9
That’s right, there is to be no whining in Mick’s totalitarian world! Never mind the bank crisis, before which the Tories had called for less bank regulation. No, shut up and follow The Party. Or else.