UK Manufacturing Q1 2014
Change in gross domestic product (GDP) is the main indicator of economic growth. GDP increased by 0.8% in Q1 2014 compared with growth of 0.7% in Q4 2013.
• Output increased in three of the four main industrial groupings within the economy in Q1 2014 compared with Q4 2013. In order of their contribution, output increased by 0.9% in services, 0.8% in production and 0.3% in construction. However, output decreased by 0.7% in agriculture.
• In Q1 2014 GDP was estimated to be 0.6% below the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%.
• GDP was 3.1% higher in Q1 2014 compared with the same quarter a year ago.
• There was some evidence to suggest construction output was affected by the storms and high rainfall in January and February. However, over the quarter, the storms have not had a significant impact on GDP growth in Q1 2014 and ONS has not classified them as a statistical special event.
• The preliminary estimate of GDP is produced using the output approach to measuring GDP. At this stage, data content is less than half of the total required for the final output estimate. The estimate is subject to revision as more data become available, but these are typically small between the preliminary and third estimates of GDP. All figures in this release are seasonally adjusted.
UK Trade for Q1 2014
- UK Trade shows the extent of import and export activity and is a key contributor to the overall economic growth in the UK.
- Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £1.3 billion in March 2014, compared with a deficit of £1.7 billion in February 2014.
- There was a deficit of £8.5 billion on goods, partly offset by an estimated surplus of £7.2 billion on services.
- Exports of goods increased by 4.9% between February and March 2014 to £24.6 billion reflecting an increase in exports of finished manufactures, including jewellery and cars. Imports of goods increased by 2.8% over the same period to £33.1 billion, with an increase in the imports of aircraft a significant factor.
- Exports of goods decreased by 3.7% to £72.0 billion in Q1 2014. Imports of goods decreased by 2.8% to £98.7 billion in Q1 2014. A deficit here of £26.7 billion?
The adjusted figures show we are still losing in ‘trade in goods’, the actual ‘profit’ was from ‘services’ which we are about to sell the rights to? In the TTIP agreement! This figure though is decimated by figures that they don’t want you to see, those of the losses incurred by ID Smith and his much maligned Universal Credit, have lost more than this.
What this is telling us, is the economy is still very fragile, we aren’t out of the woods, because we aren’t manufacturing enough! The economy is being propped up by Osborne’s Ponzi scheme and a little bit of odds and sod’s but there’s a lot of consumer debt, in there. If we actually ‘increased’ our Construction, it would bust Osborne’s Ponzi scheme? Thus crashing the economy!
TOTAL UK PERSONAL DEBT
Outstanding personal debt stood at £1.441 trillion at the end of March 2014.
• This is up from £1.424 trillion at the end of March 2013.
Outstanding secured (mortgage) lending stood at £1.281 trillion at the end of March.
• This is up from £1.268 trillion at the end of March 2013.
Outstanding unsecured (consumer credit) lending stood at £159.8 billion at the end of March 2014.
• This is up from £156.3 billion at the end of March 2013.
transact.org.uk/shared/get-file.ashx?id=2561&itemtype=document (Link to presented information.)
Based on the latest available data, The Money Charity estimates that every day in the UK:
- 277 people are declared insolvent or bankrupt every day (based on Q1 2014 trends). This is equivalent to one person every 5 minutes 12 seconds.
• 1,537 Consumer County Court Judgements (CCJs) are issued every day (based on Q4 2013 trends). The average value of a Consumer CCJ in Q4 2013 was £2,531.
• Citizens Advice Bureaux in England and Wales dealt with 6,706 new debt problems every working day during the year ending December 2013.
• It costs an average of £29.65 per day to raise a child from birth to the age of 21.
• 79 properties are repossessed every day (based on Q4 2013 trends).
• The number of people unemployed for over 12 months during the year ending February 2014 fell by 255 per day.
• 1,300 people a day reported they had become redundant between December and February.
• Public Sector Net Borrowing (excluding financial interventions) was £6,693 million in March 2014,
meaning that the Government borrowed an average of £216 million per day during the month (equivalent to £2,499 per second).
• 133 mortgage possession claims are issued and 103 mortgage possession orders are made every day.
• 483 landlord possession claims are issued and 354 landlord possession orders are made every day.
• The UK population grew by 1,346 people a day between 2001 and 2012.
• 34.2 million plastic card purchase transactions were made every day in February 2014 with a total value of £1.645 billion.
• 8.82m cash machine transactions were made every day in March with a total value of £354m.
• A new car in the £13,000 – £18,000 price bracket travelling 10,000 miles per year costs £14.14 per day to run.
• It cost £64.87 to fill a 50 litre tank with unleaded petrol in April.
There were 5.4 million working age benefit claimants at August 2013. This is a decrease of 285,000 in the year.
The number of unemployed people in the three months between December 2013 and February 2014 was 2.24 million (6.9%). This is down by 77,000 from the previous three months, and down by 320,000 from a year earlier. (The ‘other’ 3.16 million must be ESA claimants?)
• 117,000 people (1,300 a day) reported they had become redundant over the three months. This is up by 5,000 from the previous three months, but down by 20,000 from a year earlier.
• 807,000 people had been unemployed for over 12 months between December and February, down by 32,000 from the previous three months, and down by 93,000 (255 a day) from a year earlier.
• The number of economically inactive people aged between 16 and 64 fell by 86,000 over the three months, and fell by 104,000 over the year, to reach 8.85 million in the three months to February 2014. (These are over and above the 5.4 million claimants?)
Public sector employment fell by 159,000 in the fourth quarter of 2013 to reach 5.507 million overall. (More ‘shrinking’ of the state)
The Office for Budget Responsibility’s March 2014 forecast for General Government Employment Estimates a total reduction of around 1.0 million staff between the start of 2011 and the start of 2019
– 100,000 less than estimated in its December 2013 forecast. However, they estimate that this will be more than offset by a rise of 3.3 million in total market sector employment over the period, meaning overall employment will reach 31.4 million in 2018/19.
(These ‘market’ forecasts never materialise and always fall short)
What they don’t give are the numbers of those claimants who have been sanctioned or forced off the ‘dole’ to accept zero-hour jobs or even self-employment in low paid work, that forces them to still claim benefits? (WORKING TAX CREDITS)
We are conditioning people to work for less money and work for benefits, this is legalised slavery! We are being fooled into believing the economy is growing, when all the time the figures are just manipulated, because we don’t ‘actually’ manufacture too much. Most of our GDP is ‘services’ and financial transactions?
A better and fairer way of showing growth, would be ‘Income tax take’, I can’t seem to find these?
Growth comes from what we buy and sell, if the people have no money, how are they expected to spend? Which is why we have so much ‘consumer debt’, it keeps the banks in money. This is why we have a fragile economy, these people only have to lose their job, for what-ever reason?