What's Hot

    Luxury Fashion Stocks: Have they reached their peak?

    May 26, 2023

    Cryptocurrency Market Update May 2023

    May 25, 2023

    WYNN: Wynn Resorts Limited, Company Stock Evaluation 2023

    May 24, 2023
    Facebook Twitter Instagram
    Twitter LinkedIn
    What the FinanceWhat the Finance
    Subscribe
    • NewsWire
    • Stock Market
    • Crypto
    • Investment Ideas
    • Global Economics
    • Charts
      • World Market Indices
      • Forex Market Live Prices
      • S&P 500
      • Cryptocurrency Prices
      • Fear & Greed Index
    What the FinanceWhat the Finance
    Home»Global Economics»UK Economy Healthier Than First Thought
    Global Economics

    UK Economy Healthier Than First Thought

    The What GirlBy The What GirlSeptember 27, 2012No Comments2 Mins Read
    uk economy
    Share
    Facebook Twitter LinkedIn Pinterest Email

    During the second quarter (April-to-June) the ONS (Office for National Statistics) claimed that the economy shrank by only 0.4pc, after it made a third estimate of gross domestic product for the UK.

    The original estimation for the period was a retraction of 0.7pc, then revised to 0.5pc in August. This came as a surprise to analysts who had not observed, nor were expecting, a change in the original estimation.

    ons

    The ONS provide a flash estimate for each quarter, and are usually constructed from incomplete data in order to provide a general idea of the economic health of the UK. These figures are then revised several times as more information is collected and analysed.

    The contraction output was thought have shrunk by 5.2pc before the second revision made it 3.9pc instead. The newest figures suggest a slump of only 3pc now. The production output, including manufacturing, fell by 0.8pc, revised from an initial 0.9pc fall. The EEF, a manufacturers’ organisation, drew attention to the fact that investment in the sector grew by 5.9pc in the second quarter.

    Sadly services fell by 0.1pc and the recent revision remained unchanged from the previous estimates.

    The British Chambers of Commerce has said it was a welcome revision but that figures were still too gloomy. This isn’t a large surprise, although the contractions have shrunk with each new estimate, the UK economy has still seen falls in GDP for the last three quarters.

    It is expected that the third quarter results will be far more positive, after a boost from the London Olympics, but that the event may result in an overestimation of the true GDP. It will serve to counteract last quarters results however, as the bad weather and Diamond Jubilee were thought to have contributed to an understatement of how the economy actually performed.

    In recent months, the UK unemployment rate fell by 7,000 over a three-month period. Credit Suisse economist Neville Hill [pictured] told the BBC “Its almost impossible to see an economy in recession yet creating the amount of jobs in the private sector that we’ve seen over the last 12 months… We probably are statistically pulling out of a recession that we never really had.”

    The third quarter results are expected within the next month.

    Author Profile

    dadff7b1a7f33524d7aa069a4c17433d?s=100&d=mm&r=g
    The What Girl
    I am a financial services writer with experience in forex trading and stock market analysis.
    Latest entries
    • financial pages help pick stocksInvestment Ideas2013.08.14Stockmarket Shares: Tips for Beginners
    • pressure sellingNewsWire2013.08.07New consumer protection laws target pressure sellers
    • housing priceBest Deals2013.07.25Price rises spell trouble for UK’s crowded housing market
    • welbyNewsWire2013.07.01Money lenders welcomed into temple as Church of England plans credit union
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleBank of England Governor Post to be Advertised
    Next Article IMF: Global Recovery to Take Another 6 Years

    Related Posts

    How ChatGPT is Impacting the Economy

    April 5, 2023Updated:April 23, 2023

    Investment Opportunities Abound in Egypt

    February 6, 2023Updated:March 17, 2023

    Meeting the World’s Growing Energy Needs with Renewables

    June 16, 2014Updated:January 26, 2023
    Add A Comment

    Leave A Reply

    Luxury Fashion Stocks: Have they reached their peak?

    May 26, 2023

    Cryptocurrency Market Update May 2023

    May 25, 2023

    WYNN: Wynn Resorts Limited, Company Stock Evaluation 2023

    May 24, 2023

    Why Does the Saudi Arabian Riyal Keep Rising Against the Yen?

    May 22, 2023
    Categories
    • Best Deals
    • Crypto
    • Forex
    • Global Economics
    • Investment Ideas
    • NewsWire
    • Stockmarket Watch
    Recent Comments
    • Peter Williamson on G7 Summit Japan 2023: Global Economy in Challenging Path
    • what the finance on Bitcoin Just Broke $30,000. Is the Bull Run Incoming?
    • Peter williamson on Bitcoin Just Broke $30,000. Is the Bull Run Incoming?
    • Peter Williamson on How ChatGPT is Impacting the Economy
    • what the finance on GM, Chrysler Struggling to Survive
    Also Check Out

    What Next for Tesla and Elon Musk?

    May 5, 2023

    Space Stocks: The Growing Popularity of Investing in the Final Frontier

    May 17, 2023

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Your source for financial news. This is not financial advice. Our opinions are independent of any financial organizations.

    We're social. Connect with us:

    Twitter LinkedIn
    Top Insights

    Space Stocks: The Growing Popularity of Investing in the Final Frontier

    May 17, 2023

    How ChatGPT is Impacting the Economy

    April 5, 2023

    How To Find The Best Deals For Loans

    March 1, 2023
    Get Informed

    Subscribe to Updates

    Get the latest market news from What The Finance.

    Type above and press Enter to search. Press Esc to cancel.