GDP collapses

[Deleted User]

GDP has collapsed in Q1 2018 to just 0.1%, poor performance in the construction side being one of the excuses peddled out.
The B of E had pencilled in 0.3% in its inflation forecast.

Thrugelmir

venison wrote: »

GDP has collapsed in Q1 2018 to just 0.1%, poor performance in the construction side being one of the excuses peddled out.

Um....... the weather? Revisions to GDP are normally on the upside. This is far from being the definitive figure.

The consumer binge could only last so long. Qtr 1 had a net repayment of credit card debt. Not all bad news.

A_Nice_Englishman

Er, actually GDP increased very slightly. I think you mean 'the increase in GDP in Q1 2018 was 0.1%, one third of that the BoE had assumed in its inflation forecast'.

HAMISH_MCTAVISH

venison wrote: »

GDP has collapsed in Q1 2018 to just 0.1%, poor performance in the construction side being one of the excuses peddled out.
The B of E had pencilled in 0.3% in its inflation forecast.

Unsurprisingly, Global and EU GDP continues to perform well while we're just a tenth of a percent away from recession.

We did try to warn them....

phillw

HAMISH_MCTAVISH wrote: »

Unsurprisingly, Global and EU GDP continues to perform well while we're just a tenth of a percent away from recession.

We did try to warn them....

Does that mean that deporting british citizens because they have brown skins could actually have been a mercy mission?

Gwendo40

HAMISH_MCTAVISH wrote: »

Unsurprisingly, Global and EU GDP continues to perform well while we're just a tenth of a percent away from recession.

We did try to warn them....

Did try to warn them of what?... That printing hundreds of billions of pounds, slashing IR's and then holding them at ''emergency levels'' for a decade, creating record levels of all forms of debt, all in order to prop up and further inflate a property bubble, might not necessarily be a great idea?

Yes, you're quite right, we DID try to warn them.:rotfl:

GreatApe

What's with all this foolishness we are still an extremely rich country and will continue to be so so long as we have free market capitalism.

Also despite all the nonsense about poor UK productivity or austerity and all the other propaganda the UK is a bigger economy than France whenever the pound is worth more than 1.14 euro which is most the time over the last decade and also the last month too. This is despite having a smaller population and less land and more net EU contributions taken from us and more foreign aid giving by us.

Listening to some people yoid think we were a basket Cass economy the truth is we are #2 in Europe and the only country with a bigger stronger economy is Germany which has more than a dozen million more people and abuses its trading partners with a fixed exchange rate.

GreatApe

Gwendo40 wrote: »

Did try to warn them of what?... That printing hundreds of billions of pounds, slashing IR's and then holding them at ''emergency levels'' for a decade, creating record levels of all forms of debt, all in order to prop up and further inflate a property bubble, might not necessarily be a great idea?

Yes, you're quite right, we DID try to warn them.:rotfl:

Yeah if only they had listened to you we wouldn't be in this mess of being one of the worlds richest and most productive nations a great place to live and be free.

ffacoffipawb

If Corbyn becomes PM, God forbid, we will see exactly what a GDP collapse looks like. And a sterling collapse to boot.

Thrugelmir

GreatApe wrote: »

Also despite all the nonsense about poor UK productivity or austerity and all the other propaganda the UK is a bigger economy than France whenever the pound is worth more than 1.14 euro which is most the time over the last decade and also the last month too. This is despite having a smaller population and less land and more net EU contributions taken from us and more foreign aid giving by us.

Easy to have a bigger economy when you pump oil out of the ground. GDP is an often mooted, ill used figure to reflect the state of the economy. Consumers couldn't binge on credit and PPI payouts forever.

GreatApe

Thrugelmir wrote: »

Easy to have a bigger economy when you pump oil out of the ground. GDP is an often mooted, ill used figure to reflect the state of the economy. Consumers couldn't binge on credit and PPI payouts forever.

UK oil and gas while useful and welcome is not significant compared to other things we do. For instance last year the UK produced 365 million barrels of oil say at an average price of $54 that would be roughly £14 billion and the natural gas output was worth about £4.5 billion so about £18.5 billion combined. We give that much away to the EU and Foreign aid annually.

Also the french pump 'electrons out of the ground' via their large successful nuclear fleet by coincidence the value of their nuclear output is close to UK oil and gas output.

UK is a great nation a rich nation with lots of opportunity and freedom