Economic Indicators, August 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 preliminary estimate of GDP in Q2 2011 showed the economy grew by 0.2% compared with the previous quarter.

• The ONS stated that there were a number of ‘special events’ during the quarter (royal wedding, warm weather and effects of the Japanese tsunami) that may have had a net downward impact on GDP of 0.5%-points.

• Despite this, growth remains weak with economic output only 0.7% higher in Q2 2011 than it was a year ago, and still 4% below its pre-recession level over three years ago (Q1 2008).