GDP – emerging from recession

Gross Domestic Product Preliminary Estimate, Q3 2012: ONS

  • GDP was estimated to have increased by 1.0 per cent in Q3 2012 compared with Q2 2012
  • Output of the production industries was estimated to have increased by 1.1 per cent in Q3 2012 compared with Q2 2012, following a decrease of 0.7 per cent between Q1 2012 and Q2 2012
  • Construction sector output was estimated to have decreased by 2.5 per cent in Q3 2012 compared with Q2 2012, following a decrease of 3.0 per cent between Q1 2012 and Q2 2012
  • Output of the service industries was estimated to have increased by 1.3 per cent in Q3 2012 compared with Q2 2012, following a decrease of 0.1 per cent between Q1 2012 and Q2 2012
  • GDP in volume terms was estimated to have been flat in Q3 2012, when compared with Q3 2011
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European current account

EU27 current account: Eurostat

  • The EU27 external current account recorded a deficit of 6.8 billion euro in the second quarter of 2012 compared with a deficit of 28.3 bn in the second quarter of 2011
  • 37.8 bn euro surplus for trade in services

Retail sales increase

Retail Sales, September 2012: ONS

  • Compared with September 2011, in September 2012 the amount of goods bought in the retail sector (all retailing seasonally adjusted sales volumes) was estimated to have increased by 2.5 per cent. Over the same period, the amount spent in the retail sector (all retailing seasonally adjusted sales values) was estimated to have increased by 3.2 per cent.
  • Looking at the monthly picture, it is estimated that the amount of goods bought in the retail sector (September 2012 compared with August 2012) increased by 0.6 per cent following a 0.1 per cent fall between July 2012 and August 2012. The amount spent was estimated to have increased by 1.1 per cent between August 2012 and September 2012 following a 0.2 per cent increase between July 2012 and August 2012.
  • Annual store price inflation was estimated to have increased to 0.7 per cent. Looking at the monthly picture the prices of goods sold in the retail sector were estimated to have increased by 1.3 per cent. Consistent with the Consumer Prices Index the main source of upward pressure came from a rise in prices at stores selling textiles, clothing and footwear.
  • The average weekly spend across all retailing in September 2012 was estimated at £6.6 billion; compared with £6.5 billion in August 2012 and £6.4 billion in September 2011.
  • The proportion of Internet sales was estimated to have increased by 0.5 per cent between August and September 2012. Compared with a year ago, the proportion of Internet sales in September 2012 was estimated to have increased by 0.5 per cent. In September 2012 the estimated average weekly spend on line was £507.8 million.

UK unemployment down

Labour Market Statistics, October 2012: ONS

  • The unemployment rate for June to August 2012 was 7.9 per cent of the economically active population, down 0.2 from March to May 2012
  • There were 2.53 million unemployed people, down 50,000 from March to May 2012
  • The inactivity rate for those aged from 16 to 64 for June to August 2012 was 22.5 per cent, down 0.3 from March to May 2012
  • There were 9.04 million economically inactive people aged from 16 to 64, down 138,000 from March to May 2012 and down 314,000 on a year earlier
  • The employment rate for those aged from 16 to 64 for June to August 2012 was 71.3 per cent, up 0.5 from March to May 2012
  • There were 29.59 million people in employment aged 16 and over, up 212,000 from March to May 2012 and up 510,000 on a year earlier

 

Business population

Business Population Estimates: BIS

  • There were an estimated 4.8 million private sector businesses in the UK at the start of 2012, the highest estimate since 2000
  • The estimate of the total number of businesses increased by 253,000 between the start of 2011 and start of 2012
  • The 4.8 million private sector businesses employed an estimated 23.9 million people, and had an estimated combined annual turnover of £3,100 billion.
  • The majority (62.7 per cent) of private sector businesses were sole proprietorships, 28.0 per cent were companies and 9.3 per cent were partnerships.
  • At the start of 2012, small and medium-sized enterprises (SMEs) accounted for 99.9 per cent of all private sector businesses, representing no change since 2011 and almost unchanged since 2000. SMEs also accounted for 59.1 per cent of private sector employment and 48.8 per cent of private sector turnover at the start of 2012.