GDP Up And No Double Dip Recession After All

The earlier estimate of GDP from the ONS that raised fears of a double dip recession in 2011-12 seems to have been revised and a double dip recession has been avoided according to a statistical bulletin from the ONS.

The earlier estimate of a fall in GDP growth between Q4 2011 and Q1 2012 of 0.1% has been revised to 'flat' and the worries about two consecutive quarters of negative growth have now gone.

In volume terms UK GDP increased by 0.3% between Q4 2012 and Q1 2013. The figure remains unrevised from the earlier estimation. In terms of current prices GDP seems to have increased by 0.9% for that period.

The households savings ration was at its lowest since Q1 2009 with an estimate of 4.2% in Q1 2013. Household real disposable income increased by 1.4% between 2011 and 2012, the highest since 2009.