Economic Indicators, Budget Update

The most recent ONS estimate showed that GDP contracted by 0.3% in Q4 2012 – GDP remains 3.0% below its pre-recession level in Q1 2008. Unemployment fell to 2.50 million and employment rose to 29.73 million over the quarter to December 2012. Labour Market data for the quarter to January 2013 will be published on 20 March and will be available on the ONS website from 9.30 AM. The Commons Library Note, Background to the 2013 Budget sets out the economic and public finance background to the 2013 Budget.