Thursday, March 28, 2024
HomeFinancial PlanningGDP figures for Q2 revised upwards

GDP figures for Q2 revised upwards



The Workplace for Nationwide Statistics (ONS) has issued a set of improved UK gross home product (GDP) figures for April to June.

GDP is now estimated to have elevated by 0.2% in Q2, revised up from an estimate of a 0.1% fall.

Nominal GDP rose by an upwardly revised 1.4% versus the ONS’ earlier estimate of 1.1%.

Between April and June output rose by 0.2%, upwardly revised from the primary quarterly estimate of a 0.1% fall.

There was an upwardly revised progress of 0.5% in monetary and insurance coverage actions, pushed by adjustments to the measurement of insurance coverage and pensions. That is now 4.8% above its pre-Coronavirus ranges.

The ONS additionally up to date its family consumption expenditure figures for April to June from 2.6% to three.2%. The family consumption expenditure is an estimate of spending on monetary companies, together with loans and deposits.

There have been will increase in companies and building output, whereas manufacturing output fell. Companies output is now a revised 0.9% under This autumn 2019 ranges, whereas manufacturing output is now 5.2% above these pre-pandemic ranges. Development output is now 3.2% above pre-pandemic ranges.

There was a slowing in progress in family consumption expenditure within the second quarter between April and June. Actual family expenditure rose by an upwardly revised 0.1%, following Q1 progress of 0.6%.

The ONS additionally revised its GDP information for the interval in the course of the Coronavirus pandemic.

UK GDP is now estimated to have contracted by 11% in 2020, revised up from the earlier estimate of 9.3%.

In 2021, UK GDP is estimated to have expanded by an upwardly revised 7.5%, in contrast with an preliminary estimate of seven.4%.

Grant Fitzner, chief economist on the Workplace for Nationwide Statistics, stated: “Total, these new figures present that the economic system was barely smaller than our earlier estimate and within the second quarter was somewhat under its degree when the pandemic struck. The economic system shrank greater than we first estimated in the course of the early months of the pandemic however rebounded extra strongly within the latter half of 2021.

“These improved figures present the economic system grew within the second quarter, revised up from a small fall. Additionally they present that whereas family financial savings fell again in the latest quarter, households saved greater than we beforehand estimated throughout and after the pandemic.”




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