Gdp Out At 9:30 Q2 2014

[crashmonitor]

I'll go for +0.9%.............

http://www.telegraph.co.uk/finance/economics/10988849/UK-has-fastest-growing-economy-International-Monetary-Fund-says.html

[crashmonitor]

We've thrown the kitchen sink at this one including HTB2 and even the Heavens have conspired with UK basking in +1.3 c above average over the three months to 30 June. Just what John Redwood ordered a couple of years back........ global warming to get a rocket under UK GDP.

edit. not to mention ZIRP at a time when asset prices were running away and unemployment collapsing.

Edited July 25, 2014 by crashmonitor

[Guest]

0.8

[crashmonitor]

Yep 0.8%

http://www.ons.gov.uk/ons/rel/gva/gross-domestic-product--preliminary-estimate/q2-2014/index.html

[spyguy]

SO, running a primary deficit of ~7% GDP to get ~2% growth.

Genius!

Talk about borrowing at 10% and investing at 3%

Wonder how it'll work out?

[crashmonitor]

SO, running a primary deficit of ~7% GDP to get ~2% growth.

Genius!

Talk about borrowing at 10% and investing at 3%

Wonder how it'll work out?

Of course, according to Balls (not seen much of him lately have we) the deficit wasn't big enough....7% was austerity !!!!!!!!!

Absolutely agree with you this is nothing like austerity, but it's the Tories so it must be.

Meanwhile Balls who pinned his mast to a plan B of even greater borrowing has to put up with the fact that we are the fastest growing economy in the G7. Get real Balls this is plan B....jam today.....f**k the grandkids.

Edited July 25, 2014 by crashmonitor

[Wurzel Of Highbridge]

Of course the skill will be determining at exactly what point to trade your sterling for USD.

[crashmonitor]

Production and construction still sub 2010, now we do more useful stuff like drink coffee at Starbucks...services looking strong.

[The Knimbies who say No]

"Business services and finance" showing a strong performance, up about 1.3% Q/Q, and that contains you-know-what.

[TheCountOfNowhere]

Tories solve debt crisis using more debt.

Tories solve economic crash caused by housing bubble and sub-prime lending through using a scheme to support the bottom rung of the housing pyramid bubble and sub-prime lending.

Total genius.

Massive crash to follow.

I am ashamed to have voted for them

[interestrateripoff]

Great news we are now back to 2007/08 GDP size. In 6 years the economy has ultimately grown by 0%, which when you consider the size of global QE and ZIRP it's an impressive achievement.

Still at least we still have HPI. The fundamentals are just well mental.

[interestrateripoff]

UK economy back at pre-crisis level

The UK economy grew 0.8% in the second quarter and has now recovered the ground lost since the downturn began in 2008, according to official figures.

[crashmonitor]

UK economy back at pre-crisis level

The UK economy grew 0.8% in the second quarter and has now recovered the ground lost since the downturn began in 2008, according to official figures.

From the link above, the data is so smooth recently it could almost be made up, look at the erratic data since 1990. Meanwhile last five quarters.........0.8, 0.8, 0.7, 0.8, 0.8....almost five in a row. How long will Goldilocks last this time.

Edited July 25, 2014 by crashmonitor

[onlyme2]

dupe

Edited July 25, 2014 by onlyme2

[onlyme2]

Pathetic. Just plain poorer, GDP per captia down. Ignore any mention of the total failure to rebalance the economy, all debt and inflation, no growth whatsoever. Totally evasive interview.

But don;t worry, the ways the stats are calcualted is going to change, LOL.

[Errol]

Surely nobody actually believes this nonsense anymore, do they?

[crashmonitor]

Pathetic. Just plain poorer, GDP per captia down. Ignore any mention of the total failure to rebalance the economy, all debt and inflation, no growth whatsoever. Totally evasive interview.

But don;t worry, the ways the stats are calcualted is going to change, LOL.

New, 'better' formula for GDP measure coming in September then. Should be worth a bit of extra GDP in time for the election.

[R K]

Ben Chu ‏@BenChu_ 58m

Here's Britain's "top of the world" GDP performance in the appropriate context: pic.twitter.com/Ko3n43D4Q9

[yellerkat]

And per capita:

Here's G7 relative GDP per capita performance (different data sets and UK only up to Q12014 but you get idea): pic.twitter.com/gHBIvjy1Q7

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[interestrateripoff]

UK economy recovers output lost to crisis

Britain’s economy is finally bigger than it was before the financial crisis struck six years ago, official data shows. Full Article

• Retail sales hit 10-year high in second quarter
• British manufacturing emerges from years in the shadows
• House prices grow at slowest rate in over a year
• Homeowner confidence stalls for first time in 18 months

Current Reuters headlines.

[crashmonitor]

Ben Chu ‏@BenChu_ 58m

Here's Britain's "top of the world" GDP performance in the appropriate context: pic.twitter.com/Ko3n43D4Q9

Rebased at Q1 2008...and the first two and a half years were Browns. We started rock bottom in 2010, we are catching up and this doesn't factor in Q2.

On current trajectories and on a rebasing at Q2 2010 (when the Tories got in) we will certainly be above the G7 average come 2015*. However, we have cheated, just like Brown, stealing growth from the future with debt.

*Edit from Q3 2010 - Q2 2014....I think we are in the third place in the G7 unless Germany has pulled off something big in Q2.

Edited July 25, 2014 by crashmonitor

[interestrateripoff]

Finally! After six long years, Britain's economy bounces back to pre-crash levels after the worst post-war recession

Growth of 0.8 per cent between April and June means the economy is now larger than before the 2008 financial crisis and draws a line under the deepest recession in post-war history. The news will be a major boost to Chancellor George Osborne with less than a year to go until the general election.

[interestrateripoff]

http://www.theguardian.com/business/2014/jul/25/gdp-recession-high-economy-growth-osborne

Britain's economy has recovered the losses caused by the financial crisis and surpassed its pre-recession peak in the second quarter of the year, by posting a growth rate of 0.8%.

The first estimate of growth between April and June showed the UK recovery is still on track, matching 0.8% growth in the first quarter.

It was another boost to George Osborne, a day after the International Monetary Fund revised up its forecasts for the UK, putting it ahead of the other G7 economies. The chancellor said the prolonged downturn had left a deep mark on Britain.

"Thanks to the hard work of the British people, today we reach a major milestone in our long term economic plan. But there is still a long way to go – the 'great recession' was one of the deepest of any major economy and cost Britain six years.

"Now we owe it to hardworking taxpayers not to repeat the mistakes of the past and instead to continue with the plan that is delivering economic security and a brighter future for all."

The economy is now 0.2% bigger than it was in the first quarter of 2008, before the full force of the crisis hit. Growth in the second quarter was led by the services sector – including hotels, restaurants, tourism and the City – which accounts for around three quarters of the economy and expanded by 1%.

Ah yes the plan that's delivering economic security!

[rantnrave]

Chancellor George Osborne said a major milestone has been reached in the UK's long term economic recovery. "But there is still a long way to go, "he adds. "The 'great recession' was one of the deepest of any major economy and cost Britain six years." He warns against repeating "the mistakes of the past".

[interestrateripoff]

http://www.theguardian.com/business/live/2014/jul/25/uk-economy-growth-gdp-peak-george-osborne-business-live

Today's GDP report is only the first stab at assessing the UK economy's performance in the second quarter of 2014.

It doesn't actually contain any data from June at all -- the Office for National Statistics just estimates how the various sectors performed, based on history and the data from April and May.

John Bulford, economic advisor to the EY ITEM Club, reckons the 0.8% growth reading could be revised up next month:

The disparity between official figures, which show manufacturing output growing by just 0.2% and construction contracting by 0.5%, and business survey data, which show both sectors roaring ahead, is glaring. With that in mind, it would not be a surprise to see the Q2 figures revised up in the next release in mid-August.”

Geraint Johnes, director at Lancaster University’s Work Foundation, has rubbished the notion that today's growth figures are a triumph for George Osborne's austerity programme.

After all, the chancellor did (sensibly) drop the idea of eliminating the deficit in this parliament after it became clear that he was spiralling off course.

Johnes says:

“What do the figures say about the effectiveness of austerity and the management of the economy? The Chancellor's actions trump his rhetoric. Austerity was effectively abandoned a couple of years ago, and the economy has flourished - albeit in patches - since.

And next year's growth is unlikely to match the "rather remarkable results" being achieved at present, Johnes adds.

Ed Balls: GDP per head won't recover till 2017

Better late than never, George.

That broadly sums up Ed Balls' response to the GDP data, who points out that America's economy hit its pre-crisis peak back in 2011.

The shadow chancellor says:

“At long last our economy is back to the size it was before the global banking crisis – three years after the US reached the same point.

“But with GDP per head not set to recover for three more years and most people still seeing their living standards squeezed this is no time for complacent claims that the economy is fixed."

Balls adds that Labour measures, such as more free childcare and a 10p starting rate of tax, will make the recovery fairer. More here.