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27/03/2013
UK Economy Continues To Shrink
The economy continues to shrink, with UK GDP having decreased by 0.3% in the final quarter of 2012, according to a new report published by the Office for National Statistics (ONS).
The report says the main contributors to the decrease were gross fixed capital formation, which fell by 0.2% in volume terms and a £6bn net trade deficit, following a £5.3bn net trade deficit in the previous quarter.
Yet real household disposable income increased by 2.1% between 2011 and 2012; the highest growth since 2003 when it rose by 2.7%.
The increase is reported to be caused partly by an estimated £20.1bn increase in wages and salaries in 2012 compared with 2011.
In The fourth quarter of 2012, household spending grew by 0.4% (£834m). 'Housing, water, gas, electricity and other fuels' were the main contributions to growth.
The value of UK household spending per head, in current price terms, was £3,893, an increase of 1.0% on the quarter, £294 higher than in Q4 2007.
Business investment fell by nearly £250m to £30.9bn, a decline of 0.8%, when compared with the previous quarter.
Business investment in private sector manufacturing was little changed in Q4 2012 compared with the previous quarter, remaining at around £3.2bn.
(IT)
The report says the main contributors to the decrease were gross fixed capital formation, which fell by 0.2% in volume terms and a £6bn net trade deficit, following a £5.3bn net trade deficit in the previous quarter.
Yet real household disposable income increased by 2.1% between 2011 and 2012; the highest growth since 2003 when it rose by 2.7%.
The increase is reported to be caused partly by an estimated £20.1bn increase in wages and salaries in 2012 compared with 2011.
In The fourth quarter of 2012, household spending grew by 0.4% (£834m). 'Housing, water, gas, electricity and other fuels' were the main contributions to growth.
The value of UK household spending per head, in current price terms, was £3,893, an increase of 1.0% on the quarter, £294 higher than in Q4 2007.
Business investment fell by nearly £250m to £30.9bn, a decline of 0.8%, when compared with the previous quarter.
Business investment in private sector manufacturing was little changed in Q4 2012 compared with the previous quarter, remaining at around £3.2bn.
(IT)
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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.
