Friday, Apr 23, 2010
Speaks for itself
ONS: Gross domestic product preliminary estimate
Gross Domestic Product (GDP) increased 0.2 per cent in the first quarter of 2010, compared with an increase of 0.4 per cent in the previous quarter. The decrease in the growth rate was due to weaker growth in services.
Posted by dill @ 09:51 AM (948 views) Add Comment
16 Comments
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1. paul said...
Hey but house prices are going up so everything must be fine
2. holding out said...
No doubt the weather will be wheeled out as the main reason for this seasonally adjusted figure.
3. mrflibble said...
We are motoring now - lets hope nobody throws a banana skin on the road and wrecks this recovery.
4. Dr Spock said...
The fact is that the figures can't be trusted, they are massaged as we all know. 0.2% is really zero, that means no growth plus inflation. House prices are unsustainable that's why lenders are asking for 20-40% deposits, which no one has. Interest rates have to rise to slow inflation, the coming crash going to be MASSIVE. The hung parliament is a definite and that will pave the way for accusation and blame as the two main parties blame each other for the decades of ecnomic mismanagement . House prices to fall to around £120,000 average in the south-east and precious London. It's all over.
5. Exiges said...
This is the telling line
"GDP decreased 0.3 per cent in 2010 Q1 compared with 2009 Q1."
6. dill said...
It's notable that Construction is technically back in recession, having experienced two consecutive quarters of contraction again. It's the only sector (at present) in that position.
7. matt_the_hat said...
its better than "zero percent growth"
8. matt_the_hat said...
or god forbid negative growth
9. matt_the_hat said...
But the UK is now in perpetual "growth"
10. jack c said...
The spin on BBC radio 5 live is that whilst the figure is "disappointing" it looks like Germany & France will officially fall back into recession and consequently Britain is doing rather well !
11. mr g said...
Electricity, gas and water supply increased 2.5 per cent.
Perhaps I'm missing the point but how do utilities add to GDP?
12. jack c said...
mr g - they are thick as pig sh*t and think it stands for Gas Domestic Product
13. mr g said...
Good one Jack C!
14. matt_the_hat said...
Mr G if you take that line then how is government spending contributing to GDP (doesn't produce anything), GDP would then by -50%
15. Sittingitout said...
Just so as I understand this fully; is 0.2% GDP growth inclusive of inflation or above inflation?
If GDP is growing less than inflation it still means less goods and products are being sold.
16. mr g said...
@MTH
IMHO, such a large proportion of the so called GDP doesn't produce anything, that you might as well include house price increases as part of GDP.
Perhaps it should be measured by what we produce that can be exported (including financial services) thereby, in simple terms, bringing money into the country.
But then again, I don't profess to understand modern economics. I'm from a manufacturing background where producing something actually means making an item that can be sold either in the UK or abroad.