GDP decline not as bad as feared
Saturday 11 August 2012
Britain's builders fared better than expected between April and June, giving another small shot in the arm for the nation's dire economic performance over the quarter.
Official figures showed a 3.9 per cent fall in construction output during the three months, a smaller decline than the 5.2 per cent assumed by number-crunchers when compiling growth estimates for the quarter. In combination with better news from manufacturers this week, the Office for National Statistics' shock 0.7 per cent decline is likely to be revised higher to a shallower 0.5 per cent fall.
Allowing for the impact of the Diamond Jubilee holiday – which the Bank of England reckons knocked 0.5 per cent off growth – the UK is stagnant rather than shrinking, experts said.
IHS Global Insight's Howard Archer said: "The underlying economy may have been essentially flat in the second quarter."
The more upbeat news contrasted with dire trade figures from China which shook world markets after annual export growth slowed to just 1 per cent.
- 2 Russian girl takes her own life after parents find pornography on her computer
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Russian girl takes her own life after parents find pornography on her computer
Kim Kardashian on Bruce Jenner's 'story': 'We support him no matter what, and I think when the time is right, he'll talk'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Ball pool for adults opens in London
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...