Fall Of 0.2% In GDP

The preliminary estimates of GDP published by the ONS show that GDP fell by 0.2% in the first quarter of 2012. Output fell in the production and construction indistries by 0.4% and 3% respectively but services grew by 0.1% following a decrease of 0.1% in the previous quarter. A closer analysis shows that the decreases in the production industries were driven by mining and quarrying and manufacturing. An increase in retail and food and beverage services contributed to the 0.1% increase in the distribution, hotels and restaurants sector and computer programming, consultancy and related services and motion picture, video and television production also made a significant contribution to the increase of 0.4% in transport, storage and communication. Financial services made the biggest contribution to the 0.1% decrease in business services and finance and health and sports activities, amusement and recreation made the biggest contribution to the 0.2% increase in government and other services. Agriculture, forestry and fishing fell by 1.9%.