Everyone but the Opposition will be pleased by today’s GDP figures:
- GDP was estimated to have increased by 1.0 per cent in Q3 2012 compared with Q2 2012
- Output of the production industries was estimated to have increased by 1.1 per cent in Q3 2012 compared with Q2 2012, following a decrease of 0.7 per cent between Q1 2012 and Q2 2012
- Construction sector output was estimated to have decreased by 2.5 per cent in Q3 2012 compared with Q2 2012, following a decrease of 3.0 per cent between Q1 2012 and Q2 2012
- Output of the service industries was estimated to have increased by 1.3 per cent in Q3 2012 compared with Q2 2012, following a decrease of 0.1 per cent between Q1 2012 and Q2 2012
- GDP in volume terms was estimated to have been flat in Q3 2012, when compared with Q3 2011
The chart of main components tells a more nuanced story than we are likely to see in the press:
GDP isn’t a very good number, for reasons explained here. Those of us concerned with practical matters will want to see rising real incomes for everyone. I welcome today’s news, but cautiously.
