Gdp Up 0.3%

[deflation]

Unexpected?

http://www.ons.gov.uk/ons/rel/gva/gross-domestic-product--preliminary-estimate/q1-2013/sum-gdp-preliminary-estimate--q1-2013.html

Edited April 25, 2013 by deflation

[Blue Peter]

Unexpected?

I think it was. We need to see what the imputed rent figure is, though

Peter.

[Executive Sadman]

0.6% YoY.

Does it include the yank changes.

Ie total output of goods and services (plus intangibles like 'goodwill', ie double counting)

[yellerkat]

Tweet:

Faisal Islam

https://twitter.com/faisalislam' rel="external nofollow">

‏@faisalislam 2m

Service sector now above pre recession peak

, production, manufacturing and construction,

13

and

10%

and

18%

below pre recession peak in UK

[Blue Peter]

Tweet:

Faisal Islam

https://twitter.com/faisalislam' rel="external nofollow">

‏@faisalislam 2m

Service sector now above pre recession peak

, production, manufacturing and construction,

13

and

10%

and

18%

below pre recession peak in UK

It's called rebalancing....through first becoming so unbalanced, you fall off the rope,

Peter.

[sombreroloco]

Hooraahhh! The economy is booming! Austerity is working! More benefit cuts please and more families out in the street to make room for the richest 1%.

This is only going to make the agony longer. The earlier the pound collapses, the better.

[interestrateripoff]

Yeah recovery avoiding that triple dip in the depression..

[The Spaniard]

Hooraahhh! The economy is booming! Austerity is working! More benefit cuts please and more families out in the street to make room for the richest 1%.

This is only going to make the agony longer. The earlier the pound collapses, the better.

This news seems to have strengthened the pound.

[Bloo Loo]

Unexpected?

http://www.ons.gov.u...e--q1-2013.html

no,

energy bills are soaring, not only due to increased prices, but the fact we had our heating on continously for 2.5 months.

So, the people are poorer, the taxpayers, but the economy is richer????

[crashmonitor]

Rather relieved even though we like bad new on here. The fact is that we are teetering on a plan B solution, well with a deficit stuck at 120 billion we are on plan B. However we may have got Ball's bankruptcy plan B+ being put into operation.

Edited April 25, 2013 by crashmonitor

[cashinmattress]

America's GDP is up 3%...however, they have also altered the algorithm.

I'm sure that has happened here as well. Just fanciful numbers to save more embarrassment to our government.

[Reck B]

Yeh, but don't forget that 'services' include;

• Debt Management companies
  
• IVA factories
  
• Corporate Insolvency services
  
• Bankruptcy services
  
• PPI companies
  
• Baillifs
  

Edited April 25, 2013 by Reck B

[TheCountOfNowhere]

Brilliant...raise those interest rates and stop printing money...see what happens then.

[crashmonitor]

America's GDP is up 3%...however, they have also altered the algorithm.

I'm sure that has happened here as well. Just fanciful numbers to save more embarrassment to our government.

On the Today programme(today) an economist said that if we used the US accounting system we would be around 1% per annum higher for the past year.

[billybong]

On the Today programme(today) an economist said that if we used the US accounting system we would be around 1% per annum higher for the past year.

That helps to explain why the US is "the home of capitalism"

[Amateur Idiot]

When I read in the news that the economy grew 0.3%, what is the margin for error on that figure?

[cashinmattress]

On the Today programme(today) an economist said that if we used the US accounting system we would be around 1% per annum higher for the past year.

Maybe so. GDP means nothing to the man on the street anyway. More info here:

U.S. Government Invents New Way Of Calculating GDP

In March 2013, the U.S. government invented a new way of calculating GDP. The Financial Times reported that starting from July 2013, U.S. GDP would become 3% bigger due to a change in statistics. As this adjustment in GDP calculation is pretty significant, I will discuss the new items in the U.S. GDP, what the consequences are and how investors should act on this revision in statistics.

[fluffy666]

Rather relieved even though we like bad new on here. The fact is that we are teetering on a plan B solution, well with a deficit stuck at 120 billion we are on plan B. However we may have got Ball's bankruptcy plan B+ being put into operation.

Plan A : Government repeatedly cuts and privatizes. Rising unemployment and falling consumer demand offset any effect of cuts, with reduced tax revenue and higher benefit bills, so the deficit remains high. Eventually, the country goes effectively bankrupt (real debt writeoffs) through a deflationary spiral.

Plan B : Government borrows more for a series of major infrastructure projects. This contains unemployment and hikes nominal consumer demand, although the deficit remains and borrowing goes up. Eventually, the country goes effectively bankrupt (debt/savings inflated away) through an inflationary spiral.

Plan ? : Deficit is shrunk. Robust growth.

[Bruce Banner]

Oooops..... 2.5% contraction in the construction sector. No wonder there's a lot of property ramping going on.

[Bruce Banner]

Restricting supply to force up the price

Of course.

[JaneTracy]

It appears that just like in the United States our statisticians are keen to meddle with and manipulate the numbers.

Remember the GDP calculations were “improved”

Thse who follow my financial lexicon will be on at least amber alert at the use of the word “improved” by an official statistical body. What happened here is that the usually higher Retail Price Index was replaced by the usually lower Consumer Price Index for approximately 24% of the calculations. Thus at the stroke of a statistician’s pen we have higher GDP. Magic isn’t it?! Shame about reality but there you go…. I covered this subject in detail here.

http://notayesmanseconomics.wordpress.com/2012/10/25/why-was-the-calculation-of-uk-gdp-changed-lower-recorded-inflation-so-higher-growth/

http://www.mindfulmoney.co.uk/wp/shaun-richards/the-uk/

So we meddle with the numbers but the last two quarters have gone -0.3% and now 0.3% so in spite of it we are going nowhere.

[Olebrum]

Giddyone has been scoffing the Statistical Fudge again.

Edited April 25, 2013 by Olebrum

[Monkey]

But this isnt the final figures, so it could be <0% when they get all the figures in.