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News : EU Economy Last Updated: Apr 23, 2010 - 11:00:26 AM


UK GDP increased 0.2% in first quarter of 2010; Output impacted by snow disruption
By Finfacts Team
Apr 23, 2010 - 9:53:08 AM

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Source: UK ONS

UK gross domestic product (GDP) increased 0.2 per cent in the first quarter (Q1) of 2010, according to the Office for National Statistics today. From a year earlier, the economy contracted 0.3 percent in the first quarter. The preliminary estimate is based on a 40 per cent of output sample and is likely to have been strongly impacted by the snow disruption in January. Today's issue is the first of three.

The ONS said the increase in output was due mainly to increases in business services and finance and manufacturing; output of the service industries increased 0.2 per cent; output in the production industries increased 0.7 per cent. GDP decreased 0.3 per cent in 2010 Q1 compared with 2009 Q1. Business services and finance was the largest contributor to the positive growth this quarter. Total production, transport, storage and communication and government and other services also contributed to the increase. This was partially offset by a decrease from distribution, hotels and restaurants and construction.

Index of Production: The production industries increased 0.7 per cent compared with an increase of 0.4 per cent in the previous quarter. Manufacturing increased 0.7 per cent. Mining and quarrying decreased 0.7 per cent and Electricity, gas  and water supply increased 2.5 per cent. The production industries decreased 0.4 per cent between 2010 Q1 and 2009 Q1.

Construction: Construction decreased 0.7 per cent compared with a fall of 0.9 per cent in the previous quarter. Construction increased 0.2 per cent between 2010 Q1 and 2009 Q1.

Distribution, hotels and restaurants: Distribution, hotels and restaurants decreased 0.7 per cent compared with an increase of 1.9 per cent in the previous quarter. Motor trades, retail and wholesale made the largest contribution to the decrease. Distribution, hotels and restaurants increased 2.0 per cent between 2010 Q1 and 2009 Q1.

Transport, storage and communication: Transport, storage and communication increased 0.6 per cent unchanged from the previous quarter. The most significant positive contribution was from post and telecommunications. This was partially offset by the most significant negative contribution from land transport. Transport, storage and communication increased 0.2 per cent between 2010 Q1 and 2009 Q1.

Business services and finance: Business services and finance increased 0.6 per cent, compared with an increase of 0.4 per cent in the previous quarter.

Business services and finance decreased 1.2 per cent between 2010 Q1 and 2009 Q1.

Government and other services: Government and other services showed zero growth, compared with a decrease of 0.1 in the previous quarter.

Government and other services decreased 0.2 per cent between 2010 Q1 and 2009 Q1.

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