GDP Up 0.9% In Volume Terms

GDP in volume terms was said to increased by 0.9% between Q1 and Q2 2014 according to the latest Quarterly National Accounts figures from the ONS. It is an upward revision of 0.1% on the second estimate of GDP in August 2014. Annual GDP to August in volume terms is said to have increased by 1.7%.

The household saving ratio, which estimates the amount of money households have available to save and is a percentage of total disposable income was estimated to be 6.7%. Real household disposable income increased by 2.2% between Q1 and Q2 2014. Gross household disposable income is the estimate of the total amount of money from income that households have available from wages, self-employment, social benefits and net income (savings and bonds). Adjustments to gross disposable income gives 'real' household disposable income by removing the effects of inflation.

GDP in current prices is estimated to have increased by 1.9% between Q1 2014 and Q2 2014.

Fall In Agricultural Productivity For Second Year In A Row

Total factor productivity (TFP) in agriculture is estimated to have fallen marginally by 0.1% between 2012 and 2013. There was an increase of 0.5% in the volume of outputs compared with 2012 but a larger increase of 0.7% in inputs. It is second year in a row that TFP has fallen.

Final output by volume at market prices increased by 0.5%. The increase was offset by a 0.7% increase in the volume of all outputs and entrepreneurial labour used in the process.

Long term trends show that total factor productivity increased by 20% between 1988 and 2013 largely due to the volume of outputs remaining the same while the volume of inputs and entrepreneurial labour fell by 18%. TFP was basically unchanged during the mid-80s to mid-90s, it grew by 18% between 1997 and 2005 and has remained unchanged since then with year to year variations.

Total factor productivity is a key measure of the economic performance of the agricultural industry as it measures the efficiency of the industry at turning inputs into outputs.

GDP Revised Upward To 0.7%

GDP increased by 0.7% in volume terms between Q1 and Q2 2013 according to the ONS. The latest figure is a revision upwards of 0.1% on the previously published estimate due to small revisions in the main industrial groupings. The annual comparison shows an increase of 1.5%.

At current prices GDP increased by 0.4% between Q1 and Q2. All expenditure components increased giving a 0.7% and compensation of employees increased by 2.4% in Q2, the highest since Q3 2000. The increase partly reflects increases in bonuses in April.

Europes High Streets See Decline In Trade In April

The volume of trade on he High Streets of Europe fell by 0.5% in the euro area and by 0.7% in the EU27 in April 2013 according to Eurostat monthly figures comparisons. Their annual comparison saw sales fall by 1.1% in the euro area and by 0.6% in the EU27.

The value of trade in April fell by 0.5 points from 96.6 to 96.1 in the euro area and from 98.6 in March to 97.9 in April 2013.

Confidence Growing In Service Sector

Confidence is growing in the service sector and firms are more optimistic than three months ago according to the latest services survey by the CBI. It is because business has generally been better and things are expected to continue improve in the coming months. Business are also employing more staff and spending more time on training. The business situation is better than it was three months ago according to consumer service providers. Volumes fell at a similar rate but values fell more slowly due to slower price deflation. Selling prices fell slightly but are expected to rise. Professional and business services firms were much more optimistic than the last quarter. There was an unexpected improvement in both business volumes and values and volumes are expected to continue to grow and growth in values is expected to strengthen. Profitability stabilised when it was expected to fall and is expected to grow in the next quarter.

Retail Sales Increase In March

The value of high street retail sales increased in March by 5.7% compared with the same period last year. The volumes of sales also increased by 3.3%. The growth in volumes was driven mainly by non-retailing and predominantly fuel sales and other stores. Internet sales values increased by 15.2% on last March. Internet sales now account for 8.5% of all retail sales excluding fuel. Looking at the figures on a monthly basis sales volumes increased by 1.8% on February and sales values increased by 1.8%. The monthly increases were driven by sales of predominantly automotive fuel probably due to the threat of a fuel strike. The figures may also have been affected by stores running out of stocks and having to close until restocked.

Headline GDP Down By 0.2%

UK gross domestic product fell by 0.2% in volume terms in the fourth quarter of 2011 according to a statistical bulletin from the ONS.

Of the output components of GDP output in the production industries fell by 1.4% within which manufacturing fell by 0.8%. Services remained unchanged but the construction sector fell by 0.5%. Agricultural output decreased by 1.5% in Q4 compared with a decrease of 0.6% in Q3 2011. Output of business services and finance increased by 0.1%. Government and other increased by 0.3%.

Household expenditure increased by 0.5% quarter on quarter while gross capital formation fell by 7.6%. The income components of growth and contributions to growth show that employee compensation fell by 0.3%.

Retail Sales Down 0.4% In Euro Area

Euro area retail trade fell by 0.4% in terms of volume in December 2011 compared with November while it grew by 0.3% in the EU27 over the same period. Food, drinks and tobacco fell by 0.2% in the euro area and grew by 0.3% in the EU27. Non-food sector categories grew by 0.3% in the EU27 but fell by 0.1% in the euro area.

Total retail trade fell in eleven states and grew in eight states remaining stable in Ireland and Sweden. The highest increases were in Portugal (2.2%), Belgium (1.5%) and Poland (0.7%) and the biggest decreases were in Malta and Slovenia (both -3.1%) and Latvia (-2%).

The annual comparison shows that in December 2011 compared with December 2010 the food, drinks and tobacco sector fell by 1.3% in the euro area and 0.6% in the EU27 and the non-food sector decreased by 1.5% in the euro area but grew by 0.8% in the EU27. The total retail sales index for the EU27 shows growth of 0.1% but in the euro area a fall of 1.6%.

Trade fell in ten states but rose in eleven. The largest increases were in Lithuania (13%), Latvia (7.1%) and the UK (6.3%). The biggest falls in trade were recorded in Portugal (-8.8%), Spain (-5.3%) and Slovakia (-3.3%) (Eurostat).

High Street Sales Up On December Last Year

The value and volume of retail sales increased in December 2011 over December 2010 according to ONS. Sales values increased by 6.2% over last year while volumes increased by 2.6% over the same period. Volumes were driven mainly by motor fuel and textiles, clothing and footwear stores. Last year was hit particularly badly by the weather.

An estimated £42.1bn was spent in retail during December compared to £29bn in November. An estimated £343.2bn was spent in total during 2011 compared with £326.2bn in 2010. Internet sales were an estimated 10.9% of all sales at £837.1m in December. Last year the figure was £652m (9.1%).

UK Trade Deficit £2.6bn

The UK seasonally adjusted trade deficit in goods and services in November was £2.6bn compared with £1.9bn for October 2011. Trade in goods was £8.6bn in deficit but the surplus on trade in services was £6.1bn. The volume of exports was down 1.7% and the volume of imports was up 1.1%. The prices of both exports and imports of goods fell by 0.4% and 0.2% respectively.

September Sales Up On Last Year

The value of retail sales on Britain's High Streets increased by 5.4% in September compared with last year according to a statistical bulletin released by the ONS. Volumes also increased, by 0.6%, compared with September 2010.

The monthly figures show an increase in both value and volume of 0.8% and 0.6% respectively, but although sales value increased in the last three months compared with the previous three months, the volume of sales decreased by 0.2%.

Automotive fuel increased by 20% year on year contributing 2% to the overall retail sales percentage points while predominantly food stores sales volumes fell by 0.3% but values increased by 5.7% contributing 2.4% to overall growth. Non-store retailing (including the Internet) increased 15.6% contributing 0.8%. The estimated value of Internet retail sales was £539.4m, approximately 9.6% of total retail sales.

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%.

Retail Sales Up By 6.2%

There was a 6.2% increase in the value of retail sales in April 2011 compared with April 2010. The volume of retail sales also increased but by the smaller amount of 2.8%. The combination of the effects of warm weather and the Royal Wedding had an effect on sales.

January Better On High Street Sales

The value of retail sales in January was 8.2% up than January 2010 and the volume was up 5.3%.

In predominantly food stores the value of sales was up 2.7% but the volume was down 2.3%. In predominantly non-food stores the value of sales was 9.1% higher than the same month in 2009 and volume was 9.5% higher over the same period. Fuel sales were up 21.6% in value but only 6% in volume. Non-store retailing was up 21.3% in value and 22.1% in volume.

The prices of retail sales were estimated to have been 2.7% higher than January 2010. The value of Internet sales in January 2011 was estimated to have been £523m or 10% of total retail sales.

Two factors affecting the pattern of retail sales were the bad weather conditions and the increase in VAT.

UK Trade Takes A Dip In December

The seasomally adjusted deficit for UK trade increased in December 2010 from November's deficit of £3.9bn to £4.8bn. The deficit in goods was £9.2bn an increase of £0.7bn from the £8.5bn deficit in November. Services was in surplus again at £4.4bn down slightly from the £4.5bn reported in November.

The volume of exports was 1.3% lower in December and the volume of imports was 1.4% higher than in November. Both import and export prices rose in December. Exports rose by 1.1% and imports by 1.5%.

Retail Sales Increases Again In September

The value and volume of retail sales increased in September 2010. The value increased by 2.4% and the volume by 0.5% compared with September 2009. Non-store retailing provided an increase of 11.8% in value. Food stores added 1.7% to the value of sales and non-food stores 4.4%. The increase in volume was driven by significant increases of 13.5% in non-store retailing and 12.8% in fuel. Predominantly non-food stores increased volume by 3.8% and food stores by 2.3%. Internet retail sales increased by £481m in September 2010 totalling 8.8% of all retail sales (excluding fuel).

Retail Maintains Growth

Volumes of retail sales increased for the third consecutive month in the year to September and were above average for the time of year according to the CBI Distributive Trades Survey. Supplier orders also increased. Volumes are expected to increase again in October. There were also increases in wholesale but motor trade volumes were unchanged and have been declining now for three months.

GDP Revised Down

GDP in volume terms in 2009 has been revised down to 5% from the 4.9% published earlier in the OIE accounts. GDP increased by 1.2% on Q1 2010. Household saving was 3.2% in Q2 compared with 5.5% in Q1 and disposable income fell by 1.6% after a rise of 0.5% in the last quarter.

Retail Sales Up In August

The value and volume of retail sales both increased in August 2010 compared with August last year. The volume increased by 0.4% but the value increased by 1.9% over the same period.

In food stores sales values decreased by 0.4% while volumes increased by 3.5%. In non-food stores increased monthly sales values by 4.2% and volumes by 4.6%. The non-store retailing sector increased sales values by 14.6% on last year and volume of sales increased by 16.6%.

Within the predominantly non-food stores catoegory, non-specialised stores reported the largest rises with a 9.7% increase in sales values and a 10.8% increase in sales volumes. Textile, clothing and footwear increased sales values by 6.4% and sales volumes by 7.5%. Household goods stores decreased sales values by 1.8% and sales volumes by 1.5%. The average weekly value of Internet retail sales in August was £473 million or 8.7% of total retail sales.

Retail Sales Up 2.5%

The value of retail sales in June 2010 went up by 2.5% compared with June 2009 according to the ONS Retail Sales Index. The index stood at 116.3 compared with 116.2 in May 2010 an increase of 0.1% and 113.5 in June 2009. The volume rose by 1.3%. The index was 113.1 compared with 111.7 in June 2009 and 112.3 in May 2010 an increase of 0.7%.

In food stores the value of sales was up by 1.7% on a year ago while the volume was 0.2% lower. The value of sales rose by 3.7% in non-food stores along with an increase of 4.4% in the volume of sales. Household goods rose by 4.4% in value and 6.1% in volume, textiles, clothing and footwear increased in sales value by 3.3% and in volume by 4.2%. The non-specialised store category sales increased in value by 9.1% and volume increased by 10.3%. Non-store retailing increased sales values by 14.1% and volume by 14.8%. The figures are seasonally-adjusted.

Non-seasonally adjusted prices were estimated to have risen by 1.3% compared with June 2009. The value of fuel sales was 3.6% lower than last year but the volume was 15.9% lower. The value of Internet retail sales in June was estimated to have been £437m which equates to 7.9% of total retail sales (excluding fuel). The total value of sales in June 2010 was estimated to have been £30.9bn (non-seasonally-adjusted) and the average weekly value was £6.2bn.

Different sized retailers have a mix of experiences in terms of growth of sales value and volume. The biggest retailers with over 100 employees reported an average 3.3% increase in sales between June 2009 and June 2010. The smallest retailers, with 0-9 employees, sales fell by 0.9% over the same period. Those employing 40-69 employees experienced 51.3% growth over the year but businesses with 70-99 employees saw their sales decrease by 45.7%.