UK GDP up 0.8 per cent

Green Politics

UK GDP grew by 0.8 per cent in the second quarter of 2014, according to the latest quarterly national accounts from the Office for National Statistics (ONS).

UK GDP grew by 0.8 per cent in the second quarter of 2014, according to the latest quarterly national accounts from the Office for National Statistics (ONS).

The key points from the latest release from the ONS are:

  • Change in gross domestic product (GDP) is the main indicator of economic growth. GDP increased by 0.8% in Q2 2014, the second consecutive quarter on quarter increase of 0.8%.

  • Output increased in two of the four main industrial groupings within the economy in Q2 2014 compared with Q1 2014. In order of their contribution, output increased by 1.0% in services and by 0.4% in production. However, output decreased by 0.5% in construction and by 0.2% in agriculture.

  • In Q2 2014 GDP was estimated to be 0.2% above the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%.

  • GDP was 3.1% higher in Q2 2014 compared with the same quarter a year ago.

  • The preliminary estimate of GDP is produced using the output approach to measuring GDP. At this stage, data content is less than half of the total required for the final output estimate. The estimate is subject to revision as more data become available, but these are typically small between the preliminary and third estimates of GDP. All figures in this release are seasonally adjusted.

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3 Responses to “UK GDP up 0.8 per cent”

  1. Selohesra

    Sounds like reasonably good news again 🙂

  2. Leon Wolfeson

    Yes, for you. Wages are plummeting against inflation, productivity per person is down again, your bubble is growing…

    Shame about the British, eh.

    (And it’s “good news” that we’re *years* behind where we would have been in GDP without your type of policy? Right)

  3. davidhill

    A sheer lie and a whopper this time to boot. Indeed interestingly today’s news that we are back to 2008 levels and the fasting growing economy in the western world does not really mean anything in real terms. Indeed when gdp growth is mapped against inflation the reality
    is that it does not hold water one bit.

    For on one side of the coin according to ‘this is money’ website’s inflation calculator
    (http://www.thisismoney.co.uk/money/bills/article-1633409/Historic-inflation-calculator-value-money-changed-1900.html), since 2008 inflation has been a compounded 16.39%.

    On the other side of the coin according to the ‘Trading Economics’ website (http://www.tradingeconomics.com/united-kingdom/gdp) the UK’s GDP is still 12% below its peak of 2008 without taking inflation into account. But when inflation is taken into account, the economy in real terms is 30% below the GDP of 2008. Indeed if we were to have a constant growth of 3% in gdp and with inflation running at 1.9% as it is presently, it would take the UK economy 25 years to attain the same gdp as of 2008 in real terms. Therefore as usual the government is not telling the truth and where they are simply trying to make the people think that things are rosy but where in reality they definitely are not.

    But added to this misinformation, one of the ‘big four’ accountancy firms PwC has stated that the nation’s total debt by 2015 will be a minimum of £10 trillion and could even exceed £11 trillion (http://worldinnovationfoundation.blogspot.co.uk/2013/12/uks-debt-id-far-more-than-what-people.html). The ONS states that if the country were sold tomorrow in its entirety it is only worth around £7 trillion a shortfall of at least £3 trillion.

    Therefore the people are being completely mislead into thinking that they are on easy street, but where nothing could be further away from the truth.

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