Economic Review

Graeme Chamberlin
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Graeme Chamberlin: Office for National Statistics

Economic & Labour Market Review, 2010, vol. 4, issue 10, 15-38

Abstract: SummaryGross Domestic Product (GDP) grew by 1.2 per cent in the second quarter of the year. The acceleration from the previous quarter reflected a pick up in household consumption, exports (net trade) and stockbuilding as businesses increased their holdings of inventories for the first time since late 2008. The UK corporate sector remains a net‐lender to the rest of the economy, mainly due the weakness of fixed capital spending. Cash reserves have been used to reduce liabilities (loans) rather than purchase new assets. The household sector became a net borrower in 2010 Q2 for the first time since 2009 Q1, mainly due to the fall in the saving ratio to 3.2 per cent. Central government was a large net borrower, consistent with the large current budget deficit. The UK current account remained in deficit (£7.4 billion in 2010 Q2), with recent movements driven by the balance in direct investment income.

Date: 2010
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