Growth estimate stays firm at -0.3 per cent

Consumption increased by 0.4%.

The ONS reports that its final estimate of GDP growth for the fourth quarter of 2012 holds steady at -0.3 per cent:

  • UK gross domestic product (GDP) in volume terms was estimated to have decreased by 0.3% between the third and fourth quarter of 2012, unrevised from the previous publication. In current prices GDP was also estimated to have decreased by 0.3% for the same period.

  • Household final consumption expenditure increased by 0.4% in volume terms in the latest quarter revised up from the 0.2% increase previously estimated.s

  • Among the main contributors to the decrease in GDP in the latest quarter were gross fixed capital formation which fell by 0.2% in volume terms and the £6.0 billion net trade deficit, which follows a £5.3 billion net trade deficit in the previous quarter.

The details of the release don't elaborate much more. Services output was flat, and industrial production fell by 2.1 per cent, the biggest since Q1 2009. Construction grew, however, by 0.8 per cent. We'll find out more next month, when the first estimates of growth for Q1 2013 come out.