Gross Domestic Product (GDP) decreased by 0.5 per cent in the fourth quarter of 2010, compared with an increase of 0.7 per cent in the previous quarter. The GDP estimate was significantly affected by the bad weather in December; more analysis is provided in the bulletin. The decline in the fourth quarter is due to decreases in two of the component aggregate series, namely services and construction.
Total services output decreased by 0.5 per cent in the fourth quarter compared with a rise of 0.5 per cent in the previous quarter. The largest contribution to the decline in this quarter was from business services and finance.
How excellent! This is just what everyone wants, isn\’t it!
Total production output rose 0.9 per cent in the fourth quarter of 2010, compared with an increase of 0.5 per cent in the third quarter. Manufacturing made the largest contribution to the growth, where output rose 1.4 per cent compared with an increase of 1.1 per cent in the previous quarter.
How glorious! All these people who have been telling us how we\’ve got to shrink finance and increase manufacturing. It\’s happening!
Isn\’t this just wonderful? Ed Balls will greet these figures with glee of course, Mr. Murphy will just be hugging himself with excitement….what?
This is what they\’ve been saying we all need isn\’t it?