Q2 GDP revised up by 0.2 per cent

By Alex Hern Published 24 August 2012
George Osborne is probably feeling marginally happier, this morning. Photograph:
George Osborne is probably feeling marginally happier, this morning. Photograph: Getty Images

The second estimate for GDP in the second quarter of 2012 has been revised upwards, from a contraction of 0.7 per cent to a contraction of "just" 0.5 per cent.

The revision changes little in the grand scheme of things: the country is still in recession, the economy is still below its 2010 peak, let alone its 2008 one, and the next quarter is still expected to be almost as bad as this one.

The important difference is that, according to the Bank of England's best estimates, the extra bank holiday for the Jubilee weekend knocked half a percent of British growth. Which means that, were it not for the Queen, the underlying trend would be mere stagnation.

 
 

3 comments

Bemused Ignorance's picture

Mon, 2012-09-10 05:17 — Bemused Ignorance (not verified)

So let me see if I understand this....

The rate for the entire quarter was -0.5% and this was due to the loss of a single day. So that day would have been worth 0.5% and the rest of the quarter was worth zip?

Barrie J's picture

Fri, 2012-08-24 11:19 — Barrie J (not verified)

Up / down, round and round, does it really matter what statistics government departments publish?
It's just tittle tattle for the media and politicians to spin over, I don't know anybody who believes the figures for inflation, unemployment, crime, etc., etc.
What counts, is whether their pay keeps pace with the cost of living - and it doesn't.
What does your High Street look like? Mine - devasted.
Crime figures? I reported two cases of vandalism about a month apart (criminal damage) to the police, was visited by a PC once and received a crime number for each action. Later correspondence with the Chief Constable revealed no crimes recorded.
My neighbour; similar experience with a forced entry.
Unemployment? My wife's company advertised for a part time administrator and would normally expect to get about eight applicants - they got just under 200.
People are going to judge the state of the economy based on their experience, not whether a bunch of desk bound keyboard rattlers forecast it to be good bad or indifferent.
They inspire about as much confidence as the BBC's viewing figures - the Brothers Grimm were just born before their time.

martybee's picture

Fri, 2012-08-24 13:34 — martybee (not verified)

Good point.
I noticed this during the last period of Tory rule...when the people began to realise that their life experiences didn't match the hype that was being fed to them they put on their big boots.

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