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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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