Economic Indicators, April 2011

This Research Paper series summarises the main economic indicators currently available for the UK, along with comparisons with other major OECD countries.
The decline in Q4 2010 GDP was revised from 0.6% to 0.5%. ONS estimated that if the effects of December’s winter weather were excluded, GDP would have been unchanged. Although data from early 2011 is mixed, the economy is likely to have returned to growth in Q1. The manufacturing sector continues to expand strongly and business confidence indicators are generally positive. However, with earnings growth failing to keep pace with rising inflation, consumer expenditure – which makes up around two-thirds of GDP – is likely to remain subdued in the near future.