Economy
GDP Growth
Fall in production slows
growth
 GDP quarterly growth (%) |
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.
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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.
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.
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Published on 26 November 2004 at 9:30
am
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