'Feeble' economic growth


The economy grew in the second half of the year, but the TUC called the increase “feeble”.


The Office for National Statistic’s in its first estimate for the economy in the April-June quarter said the economy grew by 0.4% — up from 0.2% growth in the first quarter of the year.


The services industries and construction increased in second quarter, by 0.5% and 0.9% respectively on the first quarter; while production shrank by 0.8%.


Manufacturing, which is part of up production, shrank by 0.9% after a first quarter fall of 0.1%.


The economy grew by 1.3% on the corresponding quarter of 2017.


Geoff Tily, senior economist at the TUC, said that the “feeble" GDP figures still fall far short of long-term averages. "After enduring the most dismal decade on record, workers deserve so much better”.


Tily said the latest figures might be "dismal", but they pale into insignificance when we take a longer view.


The second quarter figure completes a full decade since the global recession began the second quarter of 2008. 


Over the decade from the second quarter 2008 to the same quarter 2018, GDP has grown by only 1.1% a year on average — far short of all other decades.


“In fact, when we compare all decades from this point,” said Tily, “growth in the decade … was only half as strong as the previous weakest decade.”


www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/apriltojune2018


www.tuc.org.uk/blogs/workers-have-suffered-most-dismal-decade-growth-record