Depression Expected To Continue For Some Time

The latest National Institute of Economic and Social Research (NIESR) estimate of GDP suggests that output fell by 0.1% in the three months to January 2011 following the 0.5% decline in the three months to December 2010. Month on month estimates suggest growth of 0.6% due to recovery from the severe weather conditions at the end of the year. The depression, to use the term the NIESR prefers to recession, is expected to continue for some time. The sector contributing most to the decline was construction with a fall of 12.2% following from a fall of 12.6% in the quarter ending last month over the previous quarter. Industry increased by 3.7%, agriculture by 1.3% and services by 0.3%. Agricultural output remained the same at 89.7 as did contruction at 95.7. Services increased output from 100.8 to 102.1.