No. 8955966
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Whhen I initially commented I clicked the "Notify me when new comments are added" checkbox and nnow each time a
comment is added I get four e-mails with tthe same comment.
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No. 8955965
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When someone writes an post he/she retains the image of a user in his/her
brain that how a user can be aware of it. Therefore that's why this
article is great. Thanks!
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No. 8955964
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Great delivery. Outstanding arguments. Keep up the great spirit.
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No. 8955963
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No. 8955962
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UK economic growth lowered to 1.7% for 2013 as trade deficit raises concerns over sustainability of
recovery
The ONS had previously trimmed 2013 growth estimate from
1.9 to 1.8 per cent
Fears over UK's weak trade balance grow as current account deficit comes in �8bn hivher than expected
By Jonathon Hopkins
Updated: 14:28 BST, 28 March 2014
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UK economic growth was confirmed today at 0.7 per cent for the fnal quarter
of 2013, giving Britain thhe best-performing economy among the G10 nations.
But overalll 2013 growth was revised slightly lowr again and a
bigger current account deficit flagged up another warning signal about the
sustainability off the recovery.
The Offfice for National Statistics said the current account deficit was
much bigger than expected in the fourth quarter, driven in paart
by a fall in income from investments eaarned abroad - which were eroded bby
the strength of sterling - as well as by Britain's ballooning
trade gap.
Quarterly growth and levels of GDP
The currtent account deficit in thhe October-December period was �22.4billion, down slightly from an all-time record �22.8billion. Economists had expected a deficit of �14billion.
Thhe ONS confirmed that Britain's economy grew 0.7 per cent in the October-December period of
last year compared with the previpus quarter and was up 2.7 pper cent on the fourth quarter of
2012.
�
More...
Exports and businesss investment add to milestone for economy as GDP growth estimate
is left unchanged at 0.7%
Economic ecovery still on track as retail sales growth proves robust and price
rises are subdued
National debt 'dangerously out of control', say experts amid
warnings a rate rise could plunge family budgets into disarray
But overall growth in 2013 was revised down to 1.7 per cent from
a previously revised estimate of 1.8 per cent, which itself haad been trimmed last month from an initial
reading of 1.9 per cent.
Howard Archer, chief European and UK economist for IHS Global said: ‘While there are soe modest revisions tto thee growth pattern over the past two years and GDP growth is now reported at 1.7 per cent in 2013 rather than 1.8 per cent, the underlying story remains one of an economy that performed surprisingly well over 2013.
‘GDP growth may have slowed marginally to 0.7 per cent quarter-on-quarter in the fourth uarter of 2013
from 0.8 per cenmt in both the third and second quarters, but
the growth breakdown was more broadly-based and healthier.
‘Encouragingly, growth in the fourth quarter was much
less dependent on consumer spending, with business
investment and exports seeing marked improvement.
'‘In fact, growth would have been stronger in the fourth quarter but for
a negative contribution of 0.8 percentage point from stocks,' Archer added.
The ONS also said Britain's dominant services sector ggot off to a solid start
in 2014, growing 0.4 per cejt in January, picking up a bit of speed from December.
Torben Kaaber, CEO of Saxo Capital Markets said: ‘This morning's GDP numbgers are
further proof that the UK remains on the right track.
‘It is true that the current account deficit is still high,
and that growth iss still very much consumption-led, but thhis
growth trend is a solid fundation upon which to build on with
investment inflows, especially when yoou consider that the UK
is in a much better position relative too its peers in Europe.'
GDP output components growth, quarter on quarter
Anotther sign of continued momentum in Britain's economy at
the start of the year came yesterday from ONS data showing that retail sales
rose by more than expected in January.
And a separate survey today showed British consumer sentiment rose in Maech
to its highest level since around the start of the financial crisis in 2007.
GfK's headline consumer� confidence index rose to -5 this month, its highest
reading since August 2007, frtom -7 in February. The index
hass risen over the ast year by 22 points - thee
largest increase since November 2008 to October 2009.
Nick Moon, manging director of social research at GfK said: ‘People are now on balance more positive than negative about their own financial prospects over the
next year, and itt is unlikely that anything announced inn thee recent (government)
budget will reverse this.'
The Marchh consumer confidence reading beat the -9 lifrtime average of the survey, which dates bak to 1974.
Consumer demand and an upturn in the housing market have
so far been thee main drivers oof Britain's economic
recovery,� the Bank of Entland and business leaders have waned that exports and business investment will
need to strengthen in 2014 for growth to last.
David Kern, chief economist at the British Chambers of Commerce said: ‘The unrevised estimate of 0.7 per cent
supports ourr view tthat the UK recovery reemains on course.
It is also good news that growth wwas better balanced iin Q4, with a fall in the trade deficit
and aan increase in business investment.
'However there is little doubt that the further efforts are needed to place the recovery on a broader
footing, as we are still too reliant on consumer spending.
If our recovery is to be sustainable, we have to ensure that there
is more support for those looking to invest and expand into overseas markets.'
Househods saavings ration ckntinued to fall in the fourth quarter
Martin Beck senior economic adviser tto the EY ITEM Club, said: ‘The composition of growth was promising as exports increasd at a solid clip, while two of
the major components of investment - residual
and business - bokth grew at a robgust pace.
‘That said, with household real disposable income sedeing a fall in Q4, growth in consumer spending was financed by another decline in the
household saving ratio. However, with real wage growth
returnig to positive territory as early as April, the
foundatiokns for further recovery in consumer spending should
be more solid going forward, Beck added.
Thee ONS figures today showed that households continued to raid their savings pots at
tthe end of last year as wage growth was outstripped by increases in the cost
of living.
The country's savings ratio stood at 5.1 per cent in 2013,
compared with 7.3 per cent in 2012. The household savings rawtio has been in decline since peaking at more than 8 per cent in the
first part of 2012.
Market economist Chris Williamson said: ‘A fall in the savings ratio suggests current household consumption is too reliant on people delving into their savings and therefore unsustainable,
unless of course incomes start to rise.'
'This is now showing signs of taking place after inflation fell to a four-year low of 1.7 per
cent in February and annual wage growth in the three months to January improved to 1.4
per cent,' he added.
Capital Economics analyst Samuel Tombs said rising real incomes
should provide stronger foundations for further growth in consumer
spending this year.
He added: ‘The outlook for households' real incomes hass improved over the
last few months - inflation has eawed significantly whie nominal
pay growth looks set to pick up.'
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