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Economic growth picks up - 0.5%

Graham_Devon
Graham_Devon Posts: 58,560 Forumite
Part of the Furniture 10,000 Posts Combo Breaker
in Debate House Prices & the Economy
The UK economy grew by 0.5% in the third quarter of 2011, according to the Office for National Statistics (ONS).

The growth in the July-to-September period compared with a 0.1% expansion in gross domestic product (GDP) in the previous quarter.

The ONS said that growth in the second quarter of the year had been affected by one-off factors such as the Japanese tsunami and the extra bank holiday.

GDP is the total amount of goods and services produced by the UK economy.
Higher than expected.

No other details yet, but seems positive.
«134

Comments

  • abaxas
    abaxas Posts: 4,141 Forumite
    Is this pre/post the Greeks stealing our money?
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    abaxas wrote: »
    Is this pre/post the Greeks stealing our money?

    Pre and post!

    They haven't finished yet!
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    The chained volume measure of GDP increased by 0.5 per cent in the third quarter (Q3) of 2011.

    Output of the production industries increased by 0.5 per cent in 2011 Q3, compared with a fall of 1.2 per cent in the previous quarter.

    Construction sector output decreased by 0.6 per cent in 2011 Q3, compared with an increase of 1.1 per cent in the previous quarter.

    Output of the service industries increased by 0.7 per cent in 2011 Q3, compared with a rise of 0.2 per cent in the previous quarter.

    GDP in volume terms increased by 0.5 per cent in 2011 Q3 compared with 2010 Q3.

    http://www.ons.gov.uk/ons/rel/gva/gross-domestic-product--preliminary-estimate/q3-2011/stb-q3-2011.html
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    0.6-0.7% per quarter is the longer term trend so this isn't so far off. 2% GDP growth in the UK is consistent with unchanged unemployment.

    I reckon this is excellent news TBH. There are a lot of worse outcomes that have been predicted due to 'austerity'.

    Perhaps I'm right to say that the Government borrowing less allows companies to borrow to invest more. Those journalists with an A' Level text book in economics and a History degree must be rather confused!
  • nollag2006
    nollag2006 Posts: 2,638 Forumite
    Fantastic news. Looks like we are finally starting to pull out of this, so long as the Euro mess doesn't pull us back
  • michaels
    michaels Posts: 29,236 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I would have said it is just 0.3% per quarter for the last 2 quarters but not evenly distributed because of the extra bank holiday. Not a recession but not enough to maintain employment and hardly the typical post recession recovery (but then most would say this has not been a typical business cycle recession).
    I think....
  • Really2
    Really2 Posts: 12,397 Forumite
    10,000 Posts Combo Breaker
    We did have a poll but can't find it?

    I went for up 0.3%, Over bearish as usual. :)
  • worldtraveller
    worldtraveller Posts: 14,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    DEAD-CAT-BOUNCE-44712975426.jpeg
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • 1984ReturnsForReal_2
    1984ReturnsForReal_2 Posts: 15,431 Forumite
    Manufacturing nosediving.

    Lovely.
    Not Again
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Generali wrote: »
    0.6-0.7% per quarter is the longer term trend so this isn't so far off. 2% GDP growth in the UK is consistent with unchanged unemployment.

    I reckon this is excellent news TBH. There are a lot of worse outcomes that have been predicted due to 'austerity'.

    Perhaps I'm right to say that the Government borrowing less allows companies to borrow to invest more. Those journalists with an A' Level text book in economics and a History degree must be rather confused!

    More likely surpressed demand from Q2 events, Japan, wedding etc.
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
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