Economy
GDP Growth Fall in production slows
growth
 GDP quarterly growth
(%) | GDP is estimated to have grown by 0.4 per
cent in 2004 Q3 compared to 0.9 per cent in the previous
quarter.
This deceleration reflects a decline of 1.4 per cent in
the production sector following an increase of 1.2 per cent in 2004
Q2.
The production sector decrease follows a fall in oil and gas
extraction in the North Sea of 5.0 per cent, and a fall of 1.0 per cent in
the manufacturing sector. Within manufacturing, the reductions were most
pronounced in the paper, printing and publishing, food, drink and tobacco
and chemical and man-made fibres industries.
The service sector
rose by 0.8 per cent in the latest quarter.
The distribution,
hotels and catering sector rose by 0.8 per cent, with strength in
wholesale and retail trade. The transport and communications sector also
rose by 0.8 per cent due to increased output of telecommunications.
Business services and finance rose by 0.9 per cent, driven by real
estate and business activities, which includes architectural and
engineering, recruitment and legal related services. Similarly, the
government and other services sector rose by 0.8 per cent with growth in
health and social work.
Construction output rose by 0.8 per cent in
the latest quarter.
Household expenditure rose by 0.5 per cent with
increased spending on durable goods, which includes audio-visual equipment
and furniture.
Government expenditure rose by 1.4 per cent over the
quarter and is now 4.7 per cent above the level seen in 2003 Q3.
Investment fell by 0.1 per cent over the quarter as investment in
transport equipment and other machinery and equipment declined.
The
trade deficit remained unchanged at £12.8bn as exports of goods rose by
2.8 per cent and imports of goods rose by 1.6 per cent.
On the
income side, compensation of employees, in nominal terms, rose by 0.8 per
cent and corporate incomes rose by 0.4 per cent in 2004 Q3.
Unless otherwise specified, growth refers to a
comparison of output in the latest quarter compared with the previous
quarter. This is referred to as quarterly growth.
Annual growth
refers to a comparison of output in the latest year in comparison with the
previous year.
Unless otherwise specified, figures shown are in
chained volume or real terms i.e. they have been adjusted to remove the
effects of price change.
Unless otherwise specified, the figures
shown are seasonally adjusted.
Published on 26 November 2004 at 9:30
am |