GDP Unrevised At 0.7% Growth

GDP in terms of volume increased by 0.7% between Q3 2013 and Q4 2013 according to estimates from the ONS. The figure is therefore unrevised from the second estimate published in February.

In 2013 compared with 2012 GDP is estimated to have grown by 1.7%, down 0.1% on the earlier estimate. The estimates also show that between Q4 2012 and Q4 2013 GDP grew in volume by 2.7%.

GDP in current prices increased by 1.6% between Q3 and Q4 2013, revised downward by 0.3% from the earlier estimate of 1.9%.

The estimates for the household savings ratio were 5.1% in 2013 compared with 7.9% in 2012. The household savings ratio is the amount of money people have to save as a percentage of their disposable income.

GDP Decline Revised To 0.4%

GDP decline in the UK between Q1 and Q2 2012 was revised from 0.5% to 0.4% in the Quarterly National Accounts statistics bulletin from the ONS. The production industries fell by 0.7%, previously estimated at 0.9%, manufacturing output was estimated at 0.9% and was revised up to 0.8%. The service industries decline of 0.1% was unrevised.Construction was revised up from 3.9% to 3%. Household consumption fell by 0.2% revised from 0.4%. Compensation of employees increased by 0.2% revised down from 1.2%.

GDP Decline Estimates Unchanged At 0.3%

The previously estimated fall in GDP in volume terms of 0.3% remains unchanged in the third estimate of GDP, the Quarterly National Accounts (QNA) from the ONS. Production output fell by 0.5%, with manufacturing falling 0.3%, services output increased by 0.2%, while construction fell 4.9%.

GDP Down 0.3%

GDP fell by 0.3% in Q4 2011 according to the quarterly national accounts (QNA) bulletin from the ONS. In volume terms GDP increased by 0.7%.

Production output fell by 1.3%, services output by 0.1%. Household consumption increased by 0.4%. Compensation of employees increased by 0.9%. Agricultural output fell by 1.5% in Q4 2011 compared with a decrease of 0.5% in Q3. Services output decreased by 0.1% compared with an increase of 0.8% in Q3. Services output increased by 1.6% over 2011.

Analysed in term of expenditure, GDP decreased by 0.5% in Q4 2011. Household final consumption increased by 0.4% compared with a decrease of 0.3% in Q3. The largest increase in spending was in miscellaneous services driven by life assurance and other services. Recreation and culture increased during the quarter but rises were offset by falls in spending on housing with electricity, gas and other fuels reporting the largest fall. Over the year of 2011, household final consumption fell by 1.2%.

Income categories analysis shows GDP at current market prices rose by 0.6% compared with a 0.9% increase in Q3. While compensation of employees rose by 0.9% in Q4 over the year 2011 it increased by 2.1%. The gross operating surplus of corporations fell by 1.3% over the quarter and grew by 0.2% over 2011, private non-financial corporations rose by 2% over the quarter but financial corporations operating surplus fell by 15%.

Household Saving Up On Last Quarter

The quarterly national accounts version of GDP show that household saving increased from 5.9% in the first quarter of 2011 to 7.4% in Q2. The household saving ratio over the year however fell slightly from 7.8% to 7.5%. Real household income rose by 1.2% after a fall of 1.7% in quarter one. Disposable income rose by 0.1% in 2010 after an increase of 1.6% in 2009.

GDP Growth Unrevised At 0.5%

The most recent quarterly national accounts show that GDP rose by 0.5% in Q1 2011. In volume terms GDP rose by 1.4%. The household saving ratio fell from 5.1% to 4.6% while household disposable income fell by 0.8%. Agricultural output increased by 0.1%.

Final GDP Figures Give A Better Picture

The final GDP figures for the third quarter of 2009 have revised the GDP at market prices headline figure in volume of a fall of 0.4% to a fall of 0.3%. It means that the figures for comparison with the same quarter last year also change from a fall of 5.1% to 5.2%. other revisions include growth in production output revised down to a fall of 0.8% from 0.7% within which manufacturing output was revised up to a fall of 0.1% from 0.2% published last month. The service sector also looks a bit better since the growth in volume of output was revised to show a fall of 0.1% from the original 0.2% published in October. Revisions of distribution and transport services were also revised upward. The GDP deflator is 2% above the same quarter in 2008 and up from 1.1% on the previous quarter. Revisions are made as more completed surveys are returned. The figure given in October for output growth in agriculture of -1.6% has had to be revised to a fall of 2.5%, a downward revision of 0.9%. These are the figures that will go into the Quarterly National Accounts.

GDP Down 1.9%

Preliminary estimates of GDP for the first quarter of 2009 from the Office for National Statistics on GDP by gross value added (GVA) suggest a decline of 1.9% on the last quarter compared with 1.6% the previous quarter. They also suggest it was 4.1% lower than 2008. The index for GDP at market prices was 108.1 and has been in decline for 5 successive quarters.

Production which represents about 18% of the UK economy was down 5.5%, a negative acceleration on 4.5%, driven by manufacturing. Agriculture, which now represents only 1% of the economy, actually grew by 0.3% in Q1 2009. It may only reflect the early estimated output from agriculture from DEFRA. Services, representing 75% of the UK economy, reported a fall of 1.2% drove the decline along with production and construction. It compares with a decline of 0.8% in the previous quarter. Of the total, distribution, hotels and restaurants (15% of the economy) also increased by 1.2% thanks mostly to wholesale and motor trades. Business services and finance, which represents about 30% of the economy, declined by 1.8% in Q1 2009. Five of the eight components of the category declined with 'other business services' (10% of GDP) making the biggest contribution. Government services increased by 0.5% on the quarter and 1% on the year.

The Quarterly National Accounts for Q1 2009 show a fall of 2.4% on the previous quarter revised down from 1.9%. It is 4.9% lower than Q1 2008. The index was 110.9 for GDP at market prices and 101.9 for chained volume measures. The household saving ration was 3% compared with 4% in previous quarter. Real household disposable income fell by 2.4% following a 2.4% rise last year. Household final consumption fell by 1.3% compared to a 1.1% fall in the previous quarter. The volume of spending is 3.1% lower than at the same time in 2008. Both government and households were net borrowers. Financial corporations, private non-financial corporations and public corporations were among the net lenders.