Economic Indicators, June 2011
This Research Paper series summarises the main economic indicators currently available for the UK, along with comparisons with other major OECD countries.
Economic situation
Briefing
The ONS confirmed its preliminary estimate of GDP growth of 0.5% in Q1 2011 compared with the previous quarter. An expenditure breakdown of GDP was available for the first time and showed that consumer spending (which makes up over 60% of GDP) fell by 0.6% over the quarter. Investment also fell, while net exports (exports minus imports) rose sharply. The weak GDP growth figures over Q4 2010 (when GDP fell by 0.5%) and Q1 2011 have led the OECD and IMF to downgrade their forecasts for GDP growth in 2011 to 1.4% and 1.5%, respectively, and below the OBR’s March forecast of 1.7%.
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