Chart of the day: This damned depression
NIESR has released its monthly estimate for GDP, showing that the economy remains firmly in depression over four years from the start of recession. It writes:
Our monthly estimates of GDP suggest that output declined by 0.2 per cent in the three months ending in June after growing by 0.1 per cent in the three months ending in May 2012. These data are distorted by the additional bank holiday for the Diamond Jubilee. Underling growth was more robust than these headline estimates suggest. We estimate that underlying growth for the three months to June was around +0.2 per cent. Nevertheless, these figures suggest that the UK economy remains broadly flat; a trend that has persisted for around 24 months.