Wednesday, 29 September 2010
Productivity Up By 1.4%
There has been an increase of 1.4% in whole economy output per worker in the second quarter of 2010 compared with Q2 2009. Output per worker increased by 0.5% quarter on quarter. Unit wage costs increased by 0.3% on last year and 2.4% down on the previous quarter.
Distribution Drives The Increase In Services
The ONS index of services rose 1.2% in July 2010 compared with July 2009. The main contributor to the change was the distribution sector which increased by 4.7% with wholesale increasing by 6.5% and retail by 3.9%.
GDP Revised Down
GDP in volume terms in 2009 has been revised down to 5% from the 4.9% published earlier in the OIE accounts. GDP increased by 1.2% on Q1 2010. Household saving was 3.2% in Q2 compared with 5.5% in Q1 and disposable income fell by 1.6% after a rise of 0.5% in the last quarter.
Reduction In Services Trade Surplus
The UK current account deficit on the balance of payments was £7.4bn for the second quarter of 2010 or -2% of GDP. The revised deficit for Q1 2010 was £11.3bn or -3.1% GDP. There was a deficit of £9.3bn with the EU compared with £11.2bn in Q1.
The deficit reduction was mainly due to an increase in the income surplus, partly offset by an increase in the trade in goods deficit and a reduction in the surplus on trade in services.
The deficit reduction was mainly due to an increase in the income surplus, partly offset by an increase in the trade in goods deficit and a reduction in the surplus on trade in services.
Investment In Manufacturing Increases Index
Business investment rose by 0.7% to £29.2bn in the second quarter of 2010 compared with the first quarter. It was also 1.9% higher than the same quarter in 2009. Investment in manufacturing increased by 10.4% to £2.7bn but compared with Q2 2009 it has fallen by 4.9%.
Non-manufacturing investment in the private sector increased by 2.4% compared with the same quarter last year. Distribution services accounted for a significant amount of the change increasing by 13.5% on Q2 2009 to £4.1bn and construction which increased by 12.9% to £585m. Other services accounted for £16.6bn of investment but fell by 1.4%.
Investment in computer software was £1,418m down from £1,663m and hardware £1,348m down from £1,637m in Q1. Business investment in softwae and hardware equals 9.7% of all business investment with 5% on software and 4.8% on hardware.
Non-manufacturing investment in the private sector increased by 2.4% compared with the same quarter last year. Distribution services accounted for a significant amount of the change increasing by 13.5% on Q2 2009 to £4.1bn and construction which increased by 12.9% to £585m. Other services accounted for £16.6bn of investment but fell by 1.4%.
Investment in computer software was £1,418m down from £1,663m and hardware £1,348m down from £1,637m in Q1. Business investment in softwae and hardware equals 9.7% of all business investment with 5% on software and 4.8% on hardware.
Wednesday, 22 September 2010
Public Sector Budget Deficit Down In August
The public sector current budget deficit was £13.3bn in August 2010 compared to £14.1bn last August and £12.7bn including financial interventions. Net borrowing was £15.9bn and £15.3bn including financial interventions. Net debt was £823.3bn or 56.3% of GDP (£934.9bn).
Current receipts in August totalled £37.1bn compared to £34.9bn in August 2009 and current expenditure was £49.8bn as compared to £44.9bn last August. The public sector net cash requirement was £5.8bn compared to the £10.3bn net cash requirement of August 2009.
Current receipts in August totalled £37.1bn compared to £34.9bn in August 2009 and current expenditure was £49.8bn as compared to £44.9bn last August. The public sector net cash requirement was £5.8bn compared to the £10.3bn net cash requirement of August 2009.
Monday, 20 September 2010
Euro Area 6.7bn External Trade Surplus
The euro area (EU16) had an estimated 6.7bn euro trade balance with the rest of the world in July 2010 compared with a 11.9bn euro surplus in July 2009 and a 2.2bn euro surplus in June 2010. Exports fell by 0.6% and imports by 1.5% between June and July.
In July 2010 the EU27 reported an estimated 5.7bn euro trade deficit compared with a 0.5bn euro surplus in July 2009 and a 9.7bn euro deficit in June 2010. The June 2009 extra-EU27 trade deficit was estimated at 4.1bn euros. Exports increased by 0.3% between June and July 2010 but imports fell by 1.1%.
In July 2010 the EU27 reported an estimated 5.7bn euro trade deficit compared with a 0.5bn euro surplus in July 2009 and a 9.7bn euro deficit in June 2010. The June 2009 extra-EU27 trade deficit was estimated at 4.1bn euros. Exports increased by 0.3% between June and July 2010 but imports fell by 1.1%.
Retail Sales Up In August
The value and volume of retail sales both increased in August 2010 compared with August last year. The volume increased by 0.4% but the value increased by 1.9% over the same period.
In food stores sales values decreased by 0.4% while volumes increased by 3.5%. In non-food stores increased monthly sales values by 4.2% and volumes by 4.6%. The non-store retailing sector increased sales values by 14.6% on last year and volume of sales increased by 16.6%.
Within the predominantly non-food stores catoegory, non-specialised stores reported the largest rises with a 9.7% increase in sales values and a 10.8% increase in sales volumes. Textile, clothing and footwear increased sales values by 6.4% and sales volumes by 7.5%. Household goods stores decreased sales values by 1.8% and sales volumes by 1.5%. The average weekly value of Internet retail sales in August was £473 million or 8.7% of total retail sales.
In food stores sales values decreased by 0.4% while volumes increased by 3.5%. In non-food stores increased monthly sales values by 4.2% and volumes by 4.6%. The non-store retailing sector increased sales values by 14.6% on last year and volume of sales increased by 16.6%.
Within the predominantly non-food stores catoegory, non-specialised stores reported the largest rises with a 9.7% increase in sales values and a 10.8% increase in sales volumes. Textile, clothing and footwear increased sales values by 6.4% and sales volumes by 7.5%. Household goods stores decreased sales values by 1.8% and sales volumes by 1.5%. The average weekly value of Internet retail sales in August was £473 million or 8.7% of total retail sales.
Agriculture's June Survey 2010 Provisional Results
The latest June Survey statistics from Defra show the provisional estimates for land use, crop areas and livestock numbers on agricultural holdings on June 1 2010. They give a good idea of trends but they are provisional and could be subject to amendment at a later date.
The agricultural land area in 2010 was 9.3m hectares. The area on agricultural holdings remained unchanged at 8.9m hectares. Common rough grazing remained unchanged at 428,000 hectares. The arable area also remained more or less unchanged at slightly under 3.8m hectares while to total cropping area increased slightly to 3,915,000 hectares from 3,902,000 hectares in 2009 (revised). All regions increased their wheat area.
The number of cattle increased by 1% to 5.5 million. The total breeding herd was up by 0.9% to 1,916,000. There were 756,000 cattle in the beef herd and 1,160,000 in the dairy breeding herd in 2010.
The number of breeding pigs increased to by 1.4% to 427,000 from 421,000. The number of fattening pigs decreased by 2% to 3.2 million. The female breeding herd numbered 351,000 in 2010 and other breeding pigs increased by 10.7% to 76,000 in 2010 which included 15,000 boars. The total number of pigs decreased by 1.6% to 3,630,000.
The female breeding flock remained unchanged at 6.4 million. The fall in the number of lambs from 7.49 million to 7.24 million was a factor in reducing the total number of sheep to 14.1 million from 14.4 million in 2009.
The agricultural land area in 2010 was 9.3m hectares. The area on agricultural holdings remained unchanged at 8.9m hectares. Common rough grazing remained unchanged at 428,000 hectares. The arable area also remained more or less unchanged at slightly under 3.8m hectares while to total cropping area increased slightly to 3,915,000 hectares from 3,902,000 hectares in 2009 (revised). All regions increased their wheat area.
The number of cattle increased by 1% to 5.5 million. The total breeding herd was up by 0.9% to 1,916,000. There were 756,000 cattle in the beef herd and 1,160,000 in the dairy breeding herd in 2010.
The number of breeding pigs increased to by 1.4% to 427,000 from 421,000. The number of fattening pigs decreased by 2% to 3.2 million. The female breeding herd numbered 351,000 in 2010 and other breeding pigs increased by 10.7% to 76,000 in 2010 which included 15,000 boars. The total number of pigs decreased by 1.6% to 3,630,000.
The female breeding flock remained unchanged at 6.4 million. The fall in the number of lambs from 7.49 million to 7.24 million was a factor in reducing the total number of sheep to 14.1 million from 14.4 million in 2009.
Agricultural Inputs Prices Rise Again
The index of prices received by producers for all agricultural products returned to its May level of 137.5 from the June level of 137.9 in July 2010. Crop products increased from 138.6 to 139.4 but animals and animal products fell from 137.9 to 137.5. Within crop products, the cereals index increased from 142.5 to 144.6 and industrial crops from 136.5 to 157.9. Fresh vegetables fell to 127.9 from 131.1. These prices exclude subsidies.
Prices received for cereals fell again in 2009 from 207.1 in 2008 to 150.1 and industrial crops from 232.9 to 183.4 respectively. Farm gate prices for fresh vegetables also fell in 2009 from 117.5 to 113.9. The index for the total for all products fell from 143.3 to 135.8 in 2009.
The index of prices paid by producers for agricultural inputs shows that the prices paid for seed fell from 101.5 to 99.6 in Jul 2009, fertilisers and soil improvers fell to 244.3 from 245.7. Plant protection products remained unchanged at 99.9. The animal feedingstuffs index increased from 156.1 to 159.9. The overall index for agricultural inputs increased for the fifth consecutive month from 137.2 to 139.7 in July 2010.
The annual series shows that the overall index for prices paid by producers for agricultural inputs fell from 139.6 in 2008 to 132.9 in 2009.
Prices received for cereals fell again in 2009 from 207.1 in 2008 to 150.1 and industrial crops from 232.9 to 183.4 respectively. Farm gate prices for fresh vegetables also fell in 2009 from 117.5 to 113.9. The index for the total for all products fell from 143.3 to 135.8 in 2009.
The index of prices paid by producers for agricultural inputs shows that the prices paid for seed fell from 101.5 to 99.6 in Jul 2009, fertilisers and soil improvers fell to 244.3 from 245.7. Plant protection products remained unchanged at 99.9. The animal feedingstuffs index increased from 156.1 to 159.9. The overall index for agricultural inputs increased for the fifth consecutive month from 137.2 to 139.7 in July 2010.
The annual series shows that the overall index for prices paid by producers for agricultural inputs fell from 139.6 in 2008 to 132.9 in 2009.
Wednesday, 15 September 2010
Euro Services Growth Slows Deficit Growth
The external current account of the EU27 recorded an external current account deficit of 50.8bn euro for Q2 2010. In Q2 2009 the deficit was 44.7bn euro and in Q1 2010 it was 34.8bn euro. There was an external trade balance of 18.6bn euro in services compared with 16.4bn euro in Q2 2009 and 10.8bn euro in Q1 2010.
Industrial Production Stable In Europe
The industrial production index for the euro area and the EU27 remained unchanged in July compared with June 2010 according the Eurotstat statistics. Compared with July 2009 the index fell by 7.1% in the euro area and 6.8% in the EU27.
Production of non-durable consumer goods increased by 0.1% in both areas. Production of durable consumer goods fell by 0.6% in the euro area and 0.8% in the EU27. Capital goods grew by 0.1% in the euro area but in the EU27 area the index fell by 0.2%. Energy production fell by 0.1% and 0.4% respectively over the month.
The annual comparison shows that production of intermediate goods grew by 9.2% in the euro area and 9.5% in the EU27. Capital goods grew by 9.2% and 9.3% respectively. Durable consumer goods production increased by 5.3% in the euro area and 7% in the EU27 and non-durable consumer goods production grew by 3.6% and 3.7% respectively. Energy production increased by 1.9% in the euro area but fell by 0.1% in the EU27.
Production of non-durable consumer goods increased by 0.1% in both areas. Production of durable consumer goods fell by 0.6% in the euro area and 0.8% in the EU27. Capital goods grew by 0.1% in the euro area but in the EU27 area the index fell by 0.2%. Energy production fell by 0.1% and 0.4% respectively over the month.
The annual comparison shows that production of intermediate goods grew by 9.2% in the euro area and 9.5% in the EU27. Capital goods grew by 9.2% and 9.3% respectively. Durable consumer goods production increased by 5.3% in the euro area and 7% in the EU27 and non-durable consumer goods production grew by 3.6% and 3.7% respectively. Energy production increased by 1.9% in the euro area but fell by 0.1% in the EU27.
CPI Unchanged At 3.1%
The consumer price index remained at 3.1% in August according to the ONS even though there were significant upward and downward pressures on the index.
Rising air fares (16.1%), clothing (2.8%) and food were the most important contributors to upward pressure while a fall in second-hand car prices and falling petrol and diesel prices contributed downward pressure.
The most important upward contributions to the change in the 12 month rate came from clothing and footwear, food and non-alcoholic beverages. Downwrad pressure contributing to the change came from transport and furniture, household equipment and maintenance.
The 12 month rate to August was affected by upward pressure from transport (1.2%), food and alcoholic beverages (0.5%) and restaurants and hotels (0.4%). Clothing and footwear contributed downward pressure.
The RPI all items index and the RPIX increased by 4.7% from 4.8% in July.
Rising air fares (16.1%), clothing (2.8%) and food were the most important contributors to upward pressure while a fall in second-hand car prices and falling petrol and diesel prices contributed downward pressure.
The most important upward contributions to the change in the 12 month rate came from clothing and footwear, food and non-alcoholic beverages. Downwrad pressure contributing to the change came from transport and furniture, household equipment and maintenance.
The 12 month rate to August was affected by upward pressure from transport (1.2%), food and alcoholic beverages (0.5%) and restaurants and hotels (0.4%). Clothing and footwear contributed downward pressure.
The RPI all items index and the RPIX increased by 4.7% from 4.8% in July.
Moderate Growth Expected In OECD
The latest OECD composite leading indicators statistics signify a moderation in the rate of expansion compared to last month. The index for the OECD was down 0.1 in July 2010.
The downturn predicted for Canada, France, Italy, UK, China and India means that the signs suggest a slower rate of economic growth than was anticipated for last month. The outlook for Brazil, US and Japan is that they will possibly peak and their expansion may lose momentum. The German and Russian economies are expected to expand as are the OECD and the Euro areas. The OECD area last peaked in February 2008 and troughed in May 2009 along with the Euro area which last peaked in March 2008.
The downturn predicted for Canada, France, Italy, UK, China and India means that the signs suggest a slower rate of economic growth than was anticipated for last month. The outlook for Brazil, US and Japan is that they will possibly peak and their expansion may lose momentum. The German and Russian economies are expected to expand as are the OECD and the Euro areas. The OECD area last peaked in February 2008 and troughed in May 2009 along with the Euro area which last peaked in March 2008.
OECD Economic Outlook Is Uneven Growth
The May OECD Economic Outlook says growth is gradually increasing in the OECD area but at different rates across different regions, especially in emerging-market economies. Risks in global recovery may even greater now. The upturn is in large part due to keeping markets open, pulling the economy out of recession.
The emerging economies are experiencing a re-opening of imbalances. China, however, is an example of strong domestic demand preventing a large external surplus rising to pre-crisis levels. Appropriate policies are still required to address global inequalities. The G20 is given as being potentially important in identifying and implementing a set of policies for more sustained and balanced growth. International collaboration will also be required for progress in financial market reform.
Even though growth has been taking place, unemployment has increased by over 16 million in the OECD area over the last two years but it is less than expected. Employment growth prospects in some European economies and Japan are weak. A jobs recovery could take place with appropriate cost-effective labour market and social policies that support workers in danger of long-term unemployment.
Instability in sovereign debt markets and overheating in emerging market economies are significant risks that may jeopardise the recovery. Monetary policy should be returned to normal as soon as possible and support removed. Exit strategies must take account of fiscal consolidation so as not to put pressure on interest rates. Much of the turbulence has been calmed by the response of euro-area governments and the European Cenral Bank though underlying weaknesses remain and structural adjustments will have to be made.
Euro area architecture will have to be strengthened considerably to get rid of doubts about the viability of monetary union raised by the sovereign debt crisis. Domestic policies should be strengthened for more competitiveness but fiscal discipline is also important. Spending cuts must preserve the cost-effectiveness of programmes helpful to growth. Consolidation strategies must include structural reforms for growth.
Reforms of labour and product markets should be implemented for an increase in output, innovation and to prevent increases in unemployment.
The emerging economies are experiencing a re-opening of imbalances. China, however, is an example of strong domestic demand preventing a large external surplus rising to pre-crisis levels. Appropriate policies are still required to address global inequalities. The G20 is given as being potentially important in identifying and implementing a set of policies for more sustained and balanced growth. International collaboration will also be required for progress in financial market reform.
Even though growth has been taking place, unemployment has increased by over 16 million in the OECD area over the last two years but it is less than expected. Employment growth prospects in some European economies and Japan are weak. A jobs recovery could take place with appropriate cost-effective labour market and social policies that support workers in danger of long-term unemployment.
Instability in sovereign debt markets and overheating in emerging market economies are significant risks that may jeopardise the recovery. Monetary policy should be returned to normal as soon as possible and support removed. Exit strategies must take account of fiscal consolidation so as not to put pressure on interest rates. Much of the turbulence has been calmed by the response of euro-area governments and the European Cenral Bank though underlying weaknesses remain and structural adjustments will have to be made.
Euro area architecture will have to be strengthened considerably to get rid of doubts about the viability of monetary union raised by the sovereign debt crisis. Domestic policies should be strengthened for more competitiveness but fiscal discipline is also important. Spending cuts must preserve the cost-effectiveness of programmes helpful to growth. Consolidation strategies must include structural reforms for growth.
Reforms of labour and product markets should be implemented for an increase in output, innovation and to prevent increases in unemployment.
Factory Gate Prices Increased In August
Producer output and input price indices from the ONS increased in August. The output index for home sales of manufactured goods increased by 4.7% over the year to August. The monthly index between July and August was unchanged. The inputs index shows an increase of 8.1% over the year but a fall of 0.5% over the month to August.
The main contribution to the change in the annual output index was an increase of 11.6% in the price of petroleum products. Other significant contributions came from 'other products' (6.9%) and electrical and optical (6.5%). On the inputs side, significant contributions were made by imported metals (17.5%), crude oil (11.8%) and imported chemicals (10.7%).
The main contribution to the change in the annual output index was an increase of 11.6% in the price of petroleum products. Other significant contributions came from 'other products' (6.9%) and electrical and optical (6.5%). On the inputs side, significant contributions were made by imported metals (17.5%), crude oil (11.8%) and imported chemicals (10.7%).
Friday, 10 September 2010
Trade Deficit Of £4.9bn In July
The total trade balance for the UK in July showed a deficit of £4.9bn compared with £3.9bn in June. Trade in goods deficit was £8.7bn and the trade in services surplus was £3.8bn compared with £7.5bn and £3.6bn in June respectively.
The volume of exports was 0.3% lower and the volume of imports was 2.5% higher in July compared with June of this year (excluding oil and erratic items).
The deficit of £8.7bn in trade in goods was shared between the EU with a defeicit of £3.9bn and the rest of the world with a deficit of £4.8bn.
The volume of exports was 0.3% lower and the volume of imports was 2.5% higher in July compared with June of this year (excluding oil and erratic items).
The deficit of £8.7bn in trade in goods was shared between the EU with a defeicit of £3.9bn and the rest of the world with a deficit of £4.8bn.
River Water Quality Continues To Improve
The annual river water quality results for 2009 were published recently by Defra. River water quality is one of the 68 sustainable development indicators and measures biological and chemical river water quality annually. The indicator represents the proportion of river water considered to be of good quality measured in terms of river length.
The main findings suggest that 73% of English rivers surveyed were of good biological quality in 2009 from 72% in 2008. They also suggest that 80% were of good chemical quality from 79% in 2008. It is the fifth consecutive year of improvement in chemical river water quality.
The main findings suggest that 73% of English rivers surveyed were of good biological quality in 2009 from 72% in 2008. They also suggest that 80% were of good chemical quality from 79% in 2008. It is the fifth consecutive year of improvement in chemical river water quality.
Manufacturing Helps Production Index
The ONS index of production for July 2010 increased by 1.9% on last year. The index of manufacturing increased by 4.9%. Analysis of the figures for the most recent month on last year shows that 9 of the 13 manufacturing sub-sectors increased by 4 fell. Machinery and equipment and basic metals and metal products reported the largest increases.
Food Price Inflation Highest For A Year
Total shop price inflation showed a marginal increase from 1.5% in July to 1.7% in August. Food inflation was the highest July 2009 when it was also 3.8%. Non-food price inflation was 0.5% from 1% in July.
Weak Growth In High Street Sales
The BRC RSM says that retail sales for August on a like-for-like basis were up 1% compared with a 0.1% fall last year and 2.8% on a total basis compared with 2.2% last year.
Growth in food sales slowed to 1.8% whearas clothing and footwear sales were stronger due to the influence of seasonal ranges and the back-to-school effect. Homewares were also up.
Internet, mail order and telephone sales increased in August to 17.8% above last year's level but last year was exceptionally weak at 8%.
Growth in food sales slowed to 1.8% whearas clothing and footwear sales were stronger due to the influence of seasonal ranges and the back-to-school effect. Homewares were also up.
Internet, mail order and telephone sales increased in August to 17.8% above last year's level but last year was exceptionally weak at 8%.
European Retail Volume Up By 0.1%
July 2010 saw an increase of 0.1% in retail trade volumes in both the euro area and the EU27 compared with June. Over the year to July 2010 retail trade increased by 1.1% in the euro area and 1% in the EU27.
The food sector grew by 0.3% in the euro area and 0.1% in the EU27 over the month and 1.4% in the euro area and 0.5% in the EU27 over the year. The non-food sector decreased by 0.1% in the euro area and increased by 0.2% in the EU27 over the month and increased by 1.8% in the euro area and 2.5% in the EU27 over the year.
The food sector grew by 0.3% in the euro area and 0.1% in the EU27 over the month and 1.4% in the euro area and 0.5% in the EU27 over the year. The non-food sector decreased by 0.1% in the euro area and increased by 0.2% in the EU27 over the month and increased by 1.8% in the euro area and 2.5% in the EU27 over the year.
High Point In UK Overseas Acquisition Expenditure
UK companies' expenditure on acquisitions abroad reached their highest point since the first quarter of 2009 in the second quarter of 2010 according to the latest statistical bulletin from the ONS. The figure of £1.4bn is still well below earlier levels. Acquisitions in the UK by foreign companies fell to the lowest level since the second quarter of 2009 from £14.8bn to £2.3bn. Acquisitions of UK companies by UK companies in the UK increased from £1.3bn in Q1 to £1.9bn in Q2 2010.
There were 22 overseas acquisitions with values of over £1m by UK companies. There were 7 disposals of overseas companies for a total of £2.3bn in Q2 2010. Acquisitions of UK companies with values over £1m by foreign companies totalled 30. There were 10 disposals of UK companies by foreign companies with a total value of £1.3bn. In the UK, there were 66 acquisitions of companies with values over £1m by UK companies. They included 47 acquisitions of independent companies and 19 transactions involving subsidiaries.
There were 22 overseas acquisitions with values of over £1m by UK companies. There were 7 disposals of overseas companies for a total of £2.3bn in Q2 2010. Acquisitions of UK companies with values over £1m by foreign companies totalled 30. There were 10 disposals of UK companies by foreign companies with a total value of £1.3bn. In the UK, there were 66 acquisitions of companies with values over £1m by UK companies. They included 47 acquisitions of independent companies and 19 transactions involving subsidiaries.
Wednesday, 1 September 2010
Information Exchange In Natural Resources
The first expert meeting on the sharing of information on natural resources, the Natural Resources Information Exchange (NRIE), took place in Benin in July this year (2010) and attracted representatives from 24 African countries. The African continent is rich in mineral resources. Information sharing can help African governments manage their natural resources efficiently and can help in poverty reduction.
GDP Revised Up To 1.2%
UK GDP measures of output, income and expenditure increased by 1.2% on the previous quarter, revised up from the 1.1% preliminary estimate. The production industries were up by 1% and manufacturing 1.6%, services output increased by 1.7% and construction by 8.5%. Household expenditure increased by 0.7%, non-profit institutions by 1.4% but gross capital formation fell by 2.4%. GDP at current market prices increased by 1.7%. The GDP implied deflator is 4.1% for Q2 2010.
Services Index Up by 1.4%
The ONS Index of Services increased by 1.4% in June 2010 compared with June 2009. Four of the five components increased over the year. Distribution increased by 4.2%, business services and finance by 1.7%, hotels and restaurants by 0.9% and government and other services by 0.7%. The only component to show a decrease was transport, storage and communication with -1.7%. It was a very similar picture over the quarter the only difference being hotels and restaurants which remained unchanged.
Internet Access Still Increasing In UK
There are millions of people in the UK who have never used the Internet. The ONS suggests the figure is about 9.2 million people. By contrast over 38 million people are Internet users and 30.1 million people use the Internet every day, almost double the estimate for 2006.
The people most likely to have never used the Internet are the over-65s, the widowed, those on low incomes and those with no formal qualifications. The survey also showed that 19.2m homes had Internet access which is equivalent to 73%. There was an increase of people connecting by mobile phone up to 31% from 23% in 2009, 31m used the Internet to buy or order goods, 98% of people with incomes over £41,600 had used the Internet, the rate of Internet use decreased in line with income and 69% of people with an income of less than £10,399 had used the Internet, in terms of qualificatons, 45% of those with no formal qualifications had used the Internet compared with 97% of those with a degree. Approximately 17.4m people watch television or listen to the radio over the Internet up from 6.4m in 2006.
The people most likely to have never used the Internet are the over-65s, the widowed, those on low incomes and those with no formal qualifications. The survey also showed that 19.2m homes had Internet access which is equivalent to 73%. There was an increase of people connecting by mobile phone up to 31% from 23% in 2009, 31m used the Internet to buy or order goods, 98% of people with incomes over £41,600 had used the Internet, the rate of Internet use decreased in line with income and 69% of people with an income of less than £10,399 had used the Internet, in terms of qualificatons, 45% of those with no formal qualifications had used the Internet compared with 97% of those with a degree. Approximately 17.4m people watch television or listen to the radio over the Internet up from 6.4m in 2006.
OECD GDP Expands By 2.8%
GDP growth in the OECD increased by 0.7% in Q2 2010 as it did during the first quarter. Real GDP grew by 1% in the euro area and the EU driven by record growth of 2.2% in Germany. It is the highest rate since reunification. The UK saw growth of 1.1% from 0.3%, France 0.6% from 0.2% and Italy unchanged at 0.4%. Growth slowed in the US and Japan with growth figures of 0.1% and 0.6% respectively from 1.1% and 0.9% in the first quarter. GDP in the OECD area expanded by 2.8% from 2.4% on the previous quarter. The highest rate was in Germany with 3.7% and the lowest was Italy with 1.1%.
OECD Inflation Up To 1.6% In July
Consumer prices in OECD countries increased by 1.6% in the year to July 2010 from 1.5% in June. The increase is mainly due to energy and food prices developments which saw increases of 6.2% and 1.1% respectively. In terms of percentage price increases on the previous month, prices increased by 0.5% in Canada, 0.4% in Italy and 0.3% in Germany but fell by 0.5% in Japan and 0.3% in France and the UK. On the same month in the previous year prices increased by 3.1% in the UK, 1.8% in Canada and 1.7% in France and Italy and fell by 0.9% in Japan. The euro area increased by 1.7% and the EU by 2.1%.
World Trade Report Calls For Natural Resource Trade Co-operation
The World Trade Report from the WTO says natural resources trade is creating many challenges for importing and exporting countries and co-operation by governments is required if they are to be addressed adequately.
The focus of the report is natural resources such as fuels, forestry, mining and fisheries and it examines the trade characteristics of natural resource markets, policy choices and international co-operation for proper management with particular reference to WTO.
Key elements of the report include the distinctive features of natural resource markets, gains from resources trade, externalities, technology effects on sustainability, high volatility, trade policy and trade regulation in natural resources.
The natural resources market total world trade value in 2008 was $3.7 trillion, equivalent to 24% of world merchandise trade. Fuels accounted for 57% in 1998 and 77% in 2008, fish and forestry each accounted for 3% and mining 18%. The top 15 exporters accounted for 52% of world resources trade in 2008 and top 15 importers 71% of traded resources.
The focus of the report is natural resources such as fuels, forestry, mining and fisheries and it examines the trade characteristics of natural resource markets, policy choices and international co-operation for proper management with particular reference to WTO.
Key elements of the report include the distinctive features of natural resource markets, gains from resources trade, externalities, technology effects on sustainability, high volatility, trade policy and trade regulation in natural resources.
The natural resources market total world trade value in 2008 was $3.7 trillion, equivalent to 24% of world merchandise trade. Fuels accounted for 57% in 1998 and 77% in 2008, fish and forestry each accounted for 3% and mining 18%. The top 15 exporters accounted for 52% of world resources trade in 2008 and top 15 importers 71% of traded resources.
Public Sector Finances July 2010
The public sector finances bulletin from the ONS estimates show a current budget deficit of £0.5bn in July 2010 along with net borrowing, excluding financial interventions, of £3.8bn for the same period. Net debt was £816.2bn which is equivalent to 56.1% of GDP.
General government borrowing was £3.8bn which was made up of £3.4bn borrowed by central government and £0.4bn by local government. Public corporations showed a surpus of £0.6bn on their borrowing so public sector borrowing was £3.2bn in July.
General government borrowing was £3.8bn which was made up of £3.4bn borrowed by central government and £0.4bn by local government. Public corporations showed a surpus of £0.6bn on their borrowing so public sector borrowing was £3.2bn in July.
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