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News - 30 January 2013

UK GDP figures for last quarter of 2012

The Office for National Statistics (ONS) said that the UK economy shrank by 0.3% in the last three months of 2012; the reason for this fall in output was largely due to a drop in mining and quarrying, after maintenance delays at the UK's largest North Sea oil field.

This was in contrast to the growth by 0.9% in the previous quarter, boosted by the London 2012 Olympic Games.

For the whole year, growth was flat.

Manufacturing fell by 1.5% in the fourth quarter, the services sector was flat, but construction output rose by 0.3%.

Within the manufacturing sector, mining and quarrying output fell by 10.2%, the biggest decline since records began in 1997, driven by disruption to North Sea oil and gas fields.

If oil and gas extraction were excluded from the overall gross domestic product (GDP) calculations, then the data would have shown that the economy shrank by only 0.1% in the fourth quarter, the ONS said.

Lavinia Newman, founder of ABDS comments:
"This is the first estimate of how the economy performed in the fourth quarter, and is subject to at least two further revisions as further data is collected. It confirms what we already knew – that while the economy is healing, it is a difficult road.”

The CBI business group said it expected growth "to continue to be fairly flat through the winter but momentum will gradually build later in the year, as the global economy picks up a little and confidence lifts".


If you need any help and advice when starting up a new business contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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