The second estimate of GDP in volume terms remained as in April as an increase of 0.5% in Q1 2011. Output increased by 0.2% within which manufacturing increased by 1.1% and services by 0.9% but construction decreased by 4%. Output is now 2.4% higher than Q1 2010.
Employee income increased by 1.3% in Q1 2011 compared with 0.3% in Q4 2010. The operating surplus of companies increased by 1.4% in the first quarter of 2011. Taxes less subsidies on production increased by 7% but the VAT increase in January should be noted.
Household expenditure fell by 0.6% in the first quarter of 2011 and the level is now lower than in the same quarter last year by 0.3%. Government expenditure increased by 1% in the quarter and 1.1% over the year. Gross fixed capital formation decreased by 4.4% in Q1 2011 following a decrease of 1.8% in Q4 2010. Inventories' levels rose by £1.4bn in the last quarter.
The GDP deflator for Q1 2011 is 2.8% above the sdame quarter last year. Nominal GDP is up by 2.2% in Q1 compared with 0.5% in Q4 2010.
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