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News - 26 April 2013

UK Economy Just Avoids Triple-Dip Recession

According to the first estimate of GDP by the Office for National Statistics (ONS) there was overall growth of 0.3% in the period - driven by the service sector though construction remained in the doldrums.

A contraction in GDP would have given the UK two consecutive quarters of negative output and plunged the UK back into recession but the Chancellor George Osborne hailed today's announcement by taking to Twitter to say it was an "encouraging sign" the economy was healing.

GDP had shrunk by 0.3% in the final three months of 2012 but the ONS pointed today to a recovery in services output, with the motor industry particularly strong.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Industrial output was lifted by the biggest rise in the mining and quarrying sector since 2002 as some North Sea oil and gas platforms came back on line after repairs that had depressed production in the final quarter of 2012.”

The figures also showed that the impact of the cold winter was not as bad as feared, with weather-hit trading on the high street offset by a boost in energy demand as households ramped up their heating.

Mr Osborne, The Chancellor of the Exchequer, said: "Today's figures are an encouraging sign the economy is healing. Despite a tough economic backdrop, we are making progress. The deficit is down by a third, businesses have created over a million and a quarter new jobs and interest rates are at record lows.”

However, manufacturing output remained weak at -0.3% in the period while construction contracted by 2.5%.

If you need any help and advice for your business on financing, cash-flow, management accounts, business development or any other business related matter 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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