Economic output down in three months to March

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.

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14 Responses to “Economic output down in three months to March”

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. Newsbot9

    There’s no reasoning with True Believers.

  7. Mick

    The Tories do what they can with the paltry results of Labour’s example.

    Whenever Labour are in they glorify their botches or excuse them. But out of office, they shriek for the blood of others allegedly doing said same!

    ….And the Left just follow them, wilfully blind to the hypocrisy. Then they moan when people point it all out.

  8. TomSparc

    Nor the terminally ignorant like you.

  9. Newsbot9

    That’s right, you’re going to try to murder me for showing up your pro-gas, far right shilling I’m sure. Thanks for that burst of amazingness, gas sparc man!

  10. TomSparc

    Renewables turn utilities into dinosaurs of the energy world. Every new solar panel installed on European rooftops chips away at power utilities’ centralized production model. Unless they reinvent themselves soon, these giants risk becoming the dinosaurs of the energy market.

  11. Mick

    Poor little Newsbot! He fails to register that despite Labour’s own failures, which saw them kicked out by a vengeful public in 2010, they still have an over-inflated sense of pomposity or self-righteousness as if nothing had happened before then.

    They SHOULD be saying to Cameron: ‘Hmmm, we found things less than easy too.’

  12. Newsbot9

    Of course you want to demand people follow your script. Keep obsessing over Labour, and claiming that elections are “vengeful”. No, they’re democracy, and your constant claims that the party in power should be criticism-free are telling.

    Thanks for ignoring the point about the Tories calls.

  13. Mick

    Oh Newsie Newsie! Nesot knows I’m in no position to demand anything, other than to ask that people with more credibility than Labour lecture on the economy.

    Indeed, EVERY time Labour leaves office, it leaves an economy in wonky shape.

  14. Mick

    Nesot? I’m gonna call you Nesot from now on, based on the premise that Newsbot has something missing!

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