Economic Indicators, May 2012
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 preliminary estimate of quarterly GDP showed that the economy had contracted for the second successive quarter: by 0.2% in Q1 2012 following a 0.3% decline in Q4 2011. While a sharp fall in output in the construction sector was the main factor behind the fall in GDP, the services sector – accounting for three-quarters of the economy – only grew by 0.1%. Meanwhile, unemployment fell in the three months to February for the first time since the three months to May 2011.
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