Final GDP Figures Give A Better Picture

The final GDP figures for the third quarter of 2009 have revised the GDP at market prices headline figure in volume of a fall of 0.4% to a fall of 0.3%. It means that the figures for comparison with the same quarter last year also change from a fall of 5.1% to 5.2%. other revisions include growth in production output revised down to a fall of 0.8% from 0.7% within which manufacturing output was revised up to a fall of 0.1% from 0.2% published last month. The service sector also looks a bit better since the growth in volume of output was revised to show a fall of 0.1% from the original 0.2% published in October. Revisions of distribution and transport services were also revised upward. The GDP deflator is 2% above the same quarter in 2008 and up from 1.1% on the previous quarter. Revisions are made as more completed surveys are returned. The figure given in October for output growth in agriculture of -1.6% has had to be revised to a fall of 2.5%, a downward revision of 0.9%. These are the figures that will go into the Quarterly National Accounts.