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Tuesday, 21st January 2014

UK: Economic Review, January 2014

Source: Office for National Statistics (UK)

Key Points:

Gross Domestic Product (GDP) grew at an unrevised rate of 0.8% in the third quarter of 2013. Growth was broadly based across the services, production and construction sectors, while the expenditure measure was supported by stronger household spending.

Revisions have been introduced to expenditure estimates which raise the rate of GDP growth during 2012 and 2013. The UK economy is now 2.0% below its pre-downturn level of output, compared to 2.5% on previous estimates.

The average number of hours per worker has returned to its pre-downturn peak. Combined with recent reductions in the unemployment rate, this points to a broad intensification in the use of labour in production.

At the start of the New Year, this Review highlights several key features of the UK’s economic recovery, including labour productivity, investment, trade, regional house prices and real wages, in the light of information published during 2013.

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Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

Adrian can be reached at adrian.janes@freepint.com

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