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26/01/2010
UK Emerges From Recession
The British economy has officially moved out of recession.
Growth during the last three months of 2009 was recorded at 0.1%, a much smaller than predicted trajectory.
The economy had shrunk for six continuous quarters, the deepest dip in over 50 years.
Last week a further sign of confidence emerged, when it was revealed jobless figures had dropped for the first time in 18 months.
Britain is one of the last European countries to step out of recession.
Europe's two biggest economies - Germany and France - came out of recession last summer.
Japan and the US also exited recession last year.
Today, the Office of National Statistics confirmed UK Gross Domestic Product (GDP) had increased 0.1% in the fourth quarter of 2009, compared with a decrease of 0.2% in the third quarter.
The rise in output was due to growths in services and production, the report said.
Services output rose 0.1%, compared with a fall of 0.2% in the previous quarter.
Distribution, hotels and restaurants contributed most to the increase, rising 0.4%, compared with an increase of 0.7% in the previous quarter.
Motor trades and retail contributed most to the increase. Transport, storage and communication showed zero growth, compared with an increase of 0.7% in the third quarter.
Total production output rose in the fourth quarter, increasing 0.1%, compared with a fall of 0.9% in the previous quarter.
Manufacturing made the largest contribution to the increase rising 0.4%, compared with a fall of 0.2% in the previous quarter.
Mining and quarrying output rose 1.0%, compared with a decrease of 5.7% in the previous quarter. Electricity, gas and water supply fell 3.3%, compared with an increase of 0.2 in the previous quarter.
Construction output showed zero growth in the fourth quarter, compared with an increase of 1.9% in the previous quarter.
Agriculture, forestry and fishing output decreased 0.6%, compared with a fall of 2.8% in the previous quarter.
Total GDP fell by a record 4.8% in 2009.
(PR/BMcC)
Growth during the last three months of 2009 was recorded at 0.1%, a much smaller than predicted trajectory.
The economy had shrunk for six continuous quarters, the deepest dip in over 50 years.
Last week a further sign of confidence emerged, when it was revealed jobless figures had dropped for the first time in 18 months.
Britain is one of the last European countries to step out of recession.
Europe's two biggest economies - Germany and France - came out of recession last summer.
Japan and the US also exited recession last year.
Today, the Office of National Statistics confirmed UK Gross Domestic Product (GDP) had increased 0.1% in the fourth quarter of 2009, compared with a decrease of 0.2% in the third quarter.
The rise in output was due to growths in services and production, the report said.
Services output rose 0.1%, compared with a fall of 0.2% in the previous quarter.
Distribution, hotels and restaurants contributed most to the increase, rising 0.4%, compared with an increase of 0.7% in the previous quarter.
Motor trades and retail contributed most to the increase. Transport, storage and communication showed zero growth, compared with an increase of 0.7% in the third quarter.
Total production output rose in the fourth quarter, increasing 0.1%, compared with a fall of 0.9% in the previous quarter.
Manufacturing made the largest contribution to the increase rising 0.4%, compared with a fall of 0.2% in the previous quarter.
Mining and quarrying output rose 1.0%, compared with a decrease of 5.7% in the previous quarter. Electricity, gas and water supply fell 3.3%, compared with an increase of 0.2 in the previous quarter.
Construction output showed zero growth in the fourth quarter, compared with an increase of 1.9% in the previous quarter.
Agriculture, forestry and fishing output decreased 0.6%, compared with a fall of 2.8% in the previous quarter.
Total GDP fell by a record 4.8% in 2009.
(PR/BMcC)
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Regional imports suffer £1bn slump
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28 August 2009
Economy 'Contraction' Slowing
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Economy 'Contraction' Slowing
The rate at which the UK economy is contracting has been reduced. In the three months from April to June the Office for National Statistics (ONS) said gross domestic product (GDP) dropped by 0.7% from 0.8% compared with the previous quarter. Year-on-year decline has been reduced to 5.5% from 5.6%.
15 May 2009
75,000 Repossessions This Year 'Now Looks Pessimistic'
There were 12,800 repossessions by first-charge mortgage lenders in the first quarter of this year, according to the Council of Mortgage Lenders (CML). This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008.
75,000 Repossessions This Year 'Now Looks Pessimistic'
There were 12,800 repossessions by first-charge mortgage lenders in the first quarter of this year, according to the Council of Mortgage Lenders (CML). This compares with 10,400 in the fourth quarter of last year, and 8,500 in the first quarter of 2008.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
