Offshore Capitalist

Surprise: UK Still In Recession

Statistics from the ONS show that the UK’s GDP contracted third quarter of 2009.  Unlike peers such as France and Germany, the UK is still in technical recession.

Gross Domestic Product (GDP) decreased by 0.4 per cent in the third quarter of 2009, compared with a decrease of 0.6 per cent in the second quarter. The decline in output was due to decreases in the four main component aggregate series.

Total production output declined in the third quarter, decreasing by 0.7 per cent, compared with a fall of 0.5 per cent in the previous quarter. Mining and quarrying made the largest contribution to the decline falling by 3.5 per cent, compared with a fall of 0.6 per cent in the previous quarter. Manufacturing output fell by 0.2 per cent compared with a decrease of 0.1 per cent in the previous quarter. Electricity, gas and water supply fell by 0.6 per cent compared with a decrease of 3.6 on the previous quarter.

Services output weakened by 0.2 per cent compared with a fall of 0.6 per cent in the previous quarter. Distribution, hotels and restaurants contributed most to the fall.

Distribution, hotels and restaurants fell by 1.0 per cent, compared with a decrease of 0.4 per cent in the previous quarter. Wholesale and hotels and restaurants contributed most to the decline.

Transport, storage and communication fell by 0.3 per cent, compared with a fall of 1.8 per cent in the second quarter. Post and telecommunications made the largest contribution to the decrease.

Business services and finance decreased by 0.1 per cent, compared with a decrease of 0.7 per cent in the previous quarter. Other business services made the largest contribution to the fall.

Construction output decreased by 1.1 per cent, compared with a decrease of 0.8 per cent in the previous quarter.

Government and other services showed zero growth, compared with negative growth of 0.2 per cent in the previous quarter. Health made the largest contribution to the marginal increase.

Agriculture, forestry and fishing output decreased by 1.6 per cent compared with a fall of 2.9 per cent in the previous quarter.

via National Statistics Online.

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