GDP

Second estimate of GDP, Q3 2013: ONS

  • UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.8% between Q2 2013 and Q3 2013
  • The 0.8% increase in GDP in the latest quarter follows increases of 0.7% in Q2 2013 and 0.4% in Q1 2013.
  • GDP in volume terms increased by 1.5% when comparing Q3 2013 with Q3 2012.
  • GDP in current prices was estimated to have increased by 1.7% between Q2 2013 and Q3 2013.
Advertisements

Demography – businesses

Business Demography, 2012: ONS

  • The number of business births increased by 8,000 (3.1 %) between 2011 and 2012.
  • The number of business deaths increased by 25,000 (11.0%) between 2011 and 2012.
  • In 2012 the births of new businesses (270,000) was greater than business deaths (255,000).
  • The move towards economic recovery has seen birth rates being higher than death rates from 2011, but the gap has narrowed in 2012.
  • London had the highest business birth rate at 14.8% and the highest death rate at 11.7%. Apart from London the number of birth and deaths by region were similar.
  • In broad industry terms, accommodation and food services had the highest death rate, at 13.3%.

Falling footfall

Falling footfall: BRC

  • Footfall in October was 2.9% lower than a year ago, down on the 2.4% fall in September.
  • On a three-month rolling basis, this is the worst performance since the start of the year, excluding Easter distortions
  • High streets reported the greatest fall, down 3.6%, followed by shopping centres, unchanged from September’s 2.9% decline.
  • Footfall in out-of-town locations improved slightly to -1.2%.

Fewer NEET young people

Young People Not in Education, Employment or Training (NEET), November 2013

  • There were 1.07 million young people (aged from 16 to 24) in the UK who were Not in Education, Employment or Training (NEET), down 19,000 from April to June 2013 and down 28,000 from a year earlier
  • The percentage of all young people in the UK who were NEET was 14.9%, down 0.2 percentage points from April to June 2013 and down 0.3 percentage points from a year earlier.
  • Just over half (55.0%) of all young people in the UK who were NEET were looking for work and available for work and therefore classified as unemployed. The remainder were either not looking for work and/or not available for work and therefore classified as economically inactive.

Growth forecasts downgraded

Economic Outlook: OECD

  • The global economy continues to expand at a moderate pace, with some acceleration of growth anticipated in 2014 and 2015.
  • Global growth forecasts have been revised down significantly for this year and 2014, in large part due to weaker prospects in many emerging market economies.

European inflation

European inflation, October 2013: Eurostat

  • Euro area annual inflation was 0.7% in October 20132, down from 1.1% in September. A year earlier the rate was 2.5%. Monthly inflation was -0.1% in October 2013.
  • European Union annual inflation was 0.9% in October 2013, down from 1.3% in September. A year earlier the rate was 2.6%. Monthly inflation was -0.1% in October 2013.