ONS Releases: Monthly economic commentary, GDP and more

View in browser 30 June 2017   Monthly economic commentary: June 2017 Within the 0.2% growth in gross domestic product (GDP) in Quarter 1 (Jan to Mar) 2017, which is unrevised from the second estimate of GDP, private consumption was a smaller contributor to growth than in recent periods. The household saving ratio, although volatile, has been declining since Quarter 3 (July to Sept) 2015 and has reached a record low of 1.7% in Quarter 1 2017. Goods prices generally contribute most to the movement of the Consumer Prices Index including owner-occupiers' housing costs (CPIH), while the contribution from services is more stable. The employment rate is at a joint record high of 74.8% with an increase in the share of full-time jobs in the economy. Rates of unemployment by duration are at or below their 2002 to 2007 long-term averages. Total real wages (including bonus payments) fell for the first time since July 2014. Monthly economic commentary: June 2017     UK consumer trends: Jan to Mar 2017 In Quarter 1 (Jan to Mar) 2017, household spending (adjusted for inflation) grew by 0.4% compared with Quarter 4 (Oct to Dec) 2016. The main contribution to growth can be seen in "Miscellaneous goods and services", which has increased by 2.1% compared with Quarter 4 2016. UK consumer trends: Jan to Mar 2017     UK economic accounts: Jan to Mar 2017 Data set: Distribution and use of income, capital and financial account and balance sheet data for public and private non-financial corporations. UK economic accounts: Jan to Mar 2017     Business investment in the UK, revised: Jan to Mar 2017 Gross fixed capital formation (GFCF), in volume terms, was estimated to have increased by 1.0% to £78.9 billion in Quarter 1 (Jan to Mar) 2017 from £78.1 billion in Quarter 4 (Oct to Dec) 2016, revised down from the 1.2% increase published in the provisional estimate. Business investment was estimated to have increased by 0.6%, to £43.7 billion between Quarter 4 2016 and Quarter 1 2017, unchanged from the provisional estimate. Business investment in the UK, revised: Jan to Mar 2017 UK index of services: Apr 2017 Services output increased by 0.2% between March and April 2017. The largest contribution to the month-on-month growth came from distribution, hotels and restaurants, which contributed 0.20 percentage points of which retail trade contributed 0.17 percentage points. In the 3 months to April 2017, services output increased by 0.2% compared with the 3 months ending January 2017. The slowdown in 3-month on 3-month growth since October 2016 is driven mainly by the distribution, hotels and restaurants, and the transport, storage and communication components. UK index of services: Apr 2017 UK quarterly sector accounts: Jan to Mar 2017 The saving ratio continued to fall and in Quarter 1 (Jan to Mar) 2017 was 1.7%, a fall from 3.3% in Quarter 4 (Oct to Dec) 2016. This was the lowest since records began in Quarter 1 1963. Real households disposable income (RHDI) fell by 1.4% in Quarter 1 2017; this was due to a decrease in gross disposable income of 0.9% and an increase in the deflator of 0.5%. Net borrowing for central government was £4.6 billion in Quarter 1 2017, the lowest since Quarter 1 2002. The fall in the saving ratio and the reduction of the central government's net borrowing was due mainly to increases on taxes on income and wealth. UK quarterly sector accounts: Jan to Mar 2017   Balance of payments for the UK: Jan to Mar 2017 he UK's current account deficit was £16.9 billion in Quarter 1 (Jan to Mar) 2017, a widening of £4.8 billion from a deficit of £12.1 billion in Quarter 4 (Oct to Dec) 2016, due predominantly to a widening in the deficit on trade; the current account deficit in Quarter 1 2017 equated to 3.4% of gross domestic product (GDP) at current market prices, up from 2.4% in Quarter 4 2016. The total trade deficit widened to £8.8 billion in Quarter 1 2017 following a sharp narrowing of the deficit in Quarter 4 2016 (£4.8 billion); this was due to a widening in the deficit on trade in goods and a narrowing in the surplus on trade in services. Balance of payments for the UK: Jan to Mar 2017 Our digital team regularly write about our approach and progress to the website and social media. Visit our Digital Blog National Statistical is our corporate blog. It's the place to find insight into the role data plays in the decisions affecting our lives, the changes we are making to take advantage of it and the ways we keep it secure.  Visit our Corporate Blog Looking for local statistics? A handy guide to let you know where to find local statistics. Census Discover how our census statistics help paint a picture of the nation and how we live. Visual.ONS Visual.ONS is a website exploring new approaches to making ONS statistics accessible and relevant to a wide public audience. Email sent by Office for National Statistics

 

 

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