Economic Indicators, May 2011

This Research Paper series summarises the main economic indicators currently available for the UK, along with comparisons with other major OECD countries. The ONS’s first estimate of Q1 2011 GDP showed that the economy grew by 0.5% compared with the previous quarter. Growth in Q1 came from the manufacturing sector (up by 1.1%) and the services sector (up by 0.9%). However, overall GDP growth was reined in by a steep decline in construction output (down by 4.7%). The Q1 outturn followed a 0.5% decline in GDP in Q4 2010 when bad weather was blamed for the contraction in activity. Taking the two quarters together, economic output remained unchanged over the six month period October 2010-March 2011.