Latest economic stats for economic growth in the European Union Real GDP growth in 2012 -0.6% Growth in Q1 2013 -0.2% Latest at Eurostat Euro 17 GDP UK vs Euro GDP Source: ONS – ECB Economic growth within different EU countries Note figures for 2013 and 2013 are forecasts (in my opinion OECD are being …
Latest GDP statistics show economic growth of 0.3% in Q1 of 2013. (Link ONS) The strongest growth has come from the service sector (1.3%) and retail in particular. Production industries fell -2.6% in Q1 2013. Construction was hardest hit falling – 6.3% Despite the strongest growth in real disposable income since 2009. (Real household disposable …
The Prime Minister has got into a bit of pickle by trying to maintain the view that deficit reduction policies have not reduced economic growth, and in fact have had the opposite effect. “They (are) absolutely clear that the deficit reduction plan is not responsible (for low growth); in fact, quite the opposite.” (link) There …
Welfare spending in the UK is a controversial topic. There is significant political and public concern at the growth of welfare spending in the past few decades. In particular, there is a fear that the growth of the welfare state is encouraging a ‘dependency culture’. But, how much has welfare spending actually increased by? Are …
Readers Question: In a non-recession situation, if a government reduces it’s borrowing and thus it’s spending, how can that have a depressing effect on the economy? Wouldn’t that money be either be loaned to someone else or spent to on goods and services by the people who have it? Yes. If an economy is growing …
The EU has recently entered a double dip recession, with southern Eurozone countries particularly badly affected. As a consequence of the recession, EU unemployment continues to rise. Over the last twelve months, the number of unemployed people has increased by 2 million, to reach more than 25 million. The unemployment rate is up to 10.6% …
The UK construction sector remains largely depressed with construction volumes still below pre-recession levels. In headline figures produced by the ONS, the estimated level of the total volume of construction output in the third quarter of 2012 was the lowest since the second quarter of 1999. The construction sector is one of the most volatile …
Readers Question: why does economic growth not get noticed by the man on the street? Recently, the ONS released a report saying that real wages were 62% higher than in 1986. This is the result of sustained economic growth. (Real wages take into account inflation.) In April 2011 the average full-time employee in the UK …