Economic review

Graeme Chamberlin
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Graeme Chamberlin: Office for National Statistics

Economic & Labour Market Review, 2010, vol. 4, issue 5, 5-12

Abstract: SUMMARYThe Preliminary estimate of Gross Domestic Product (GDP) reports that the UK economy grew by 0.2 per cent in 2010 Q1 – slightly weaker than the previous quarter when GDP expanded by 0.4 per cent. Previous work looking at the coherence of ONS and Purchasing Managers' Index (PMI) data is updated, which shows that PMI is suggesting a stronger recovery in activity than official data. Although unemployment increased to 8.0 per cent in December–February 2010, the labour market has not weakened to the same extent as in the previous two recessions. Annual inflation in the Consumer Prices Index (CPI) picked up to 3.4 per cent in March, of which one‐and‐three‐quarters percentage points is estimated to be accounted for by the reversion in the rate of VAT to 17.5 per cent in January 2010.

Date: 2010
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