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Retail and wholesale hampering UK economy recovery

Published: 25 July 2012
The latest Gross Domestic Product estimate has revealed a 0.7% drop, and despite making a 0.3% increase last quarter, the distribution, hotels and restaurant sector fell by 0.4%, with retail and wholesale held responsible for the majority of this.
The news comes from the latest Office for National Statistics estimated results for the second quarter of 2012, which showed that in terms of volume GDP decreased by 0.8% compared with Q1 2012.

Sector analysis revealed distribution, hotels and restaurants - retail's parent category - dropped by 0.3% between Q2 2011 and Q2 2012. However, the ONS also pointed out that retail sales volume increased by 1.6% in June 2012 compared with the same month last year, with value up 1.9%.

Construction output fell by 5.2% between Q1 and Q2 this year, and was down 9.7% on a year-by-year basis. This sector was largely blamed by the ONS for the overall drop in GDP.

Agriculture, forestry and fishing dropped by 2.6% during Q2 2012, worsening its previous result of -2.2%.

Production was down 1.3% for the quarter, and down 3.2% year-on-year. Manufacturing was cited by the ONS as contributing most to this decline.

The ONS added that it was not yet sure whether the weather or extra bank holiday negatively impacted the results

Comments

Published prior to March 2014
By Jon Danzig
I asked government member, Jo Johnson, MP, brother of London Mayor Boris Johnson, if Britain could be a number one economy again. He said no. In fact, as a country he said we are just going to get poorer and poorer relative to other countries. To see the YouTube video of my question and his reply go to:

http://youtu.be/IpvOOqMd6Ww (55 seconds)

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