- GDP decreased by 0.7 per cent in Q2 2012 (revised to 0.5 per cent decrease on 24 Aug 2012) compared with Q1 2012
- This follows falls of 0.3 per cent in Q1 and 0.4 per cent in Q4 2011
- GDP in volume terms decreased by 0.8 per cent in Q2 2012, when compared with Q2 2011
John Cridland, CBI Director-General, said:
“When I talk to businesses on the ground, however, the overwhelming view is that right now the economy is flat rather than negative, and there is potential for Britain to get back into growth later in the year.”
I don’t agree with the CBI that often but it does seem that, once trade flattens out rather than falling, smaller businesses that I come in contact with are more positive about the future.
British Chambers are also not as gloomy as might be expected – although the want government action. John Longworth, Director General of the British Chambers of Commerce, said:
“Many of our members are continuing with guarded optimism, but the government must ensure confidence is not damaged further”