Economic review

Graeme Chamberlin
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Graeme Chamberlin: Office for National Statistics

Economic & Labour Market Review, 2010, vol. 4, issue 8, 6-14

Abstract: SUMMARYNew National Accounts data consistent with Blue Book 2010 shows that the total peak to trough fall in GDP during the latest recession was 6.4 per cent, compared to the previous estimate of 6.2 per cent. Preliminary estimates report that GDP growth was 1.1 per cent in the second quarter of the year, with the strong pickup in growth being driven by the business services and finance and construction sectors – which both contributed 0.4 percentage points to the overall growth rate. New data on non-financial balance sheets shows that net worth in the UK fell during the recession, predominately reflecting lower asset prices (such as for equities and residential properties). New Workforce Jobs estimates show that over 1 million jobs were lost in the recent recession, and a more detailed breakdown by industry, especially in the services sector, is provided. Finally, CPI inflation continues to exceed 3.0 per cent, but around 1.7 percentage points is accounted for by the January rise in the rate of VAT.

Date: 2010
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