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.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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The NS Podcast #169: Traingate, gaffes and Ghostbusters

The New Statesman podcast.

This week, Helen and Stephen tackle Traingate and Lunaticgate. George Eaton comes down-the-line from the valleys with the latest on the Owen Smith campaign. Anna Leszkiewicz joins to discuss feminism in the new Ghostbusters film. And you-ask-us: what is the role of the John McDonell in the Corbyn ménage? (Helen Lewis, Stephen Bush, George Eaton, Anna Leszkiewicz) 

Links:

Traingate (01.24)
Stephen on Jennifer's Ear

Lunaticgate (05.20)
David Wearing on Smith's slurs and empty promises.

Owen Smith (11.36)
George's interview for this week's magazine

Ghosbusters (18.44)
Ryan Gilbey reviews the film
Listen to the SRSLY take 
Anna on the dark side of the Romcom

John McDonnell (31.17)
Read him in his own words
And watch him in action

You can subscribe to the podcast through iTunes here or with this RSS feed: http://rss.acast.com/newstatesman, or listen using the player below.

And if you're craving yet more NS podcastery, you can watch Helen and Stephen host a live recording at this summer's London Podcast Festival. Tickets available here

Want to give us feedback on our podcast, or have an idea for something we should cover?

Visit newstatesman.com/podcast for more details and how to contact us.