Economy saw growth last year

Latest estimates from the Office for National Statistics (ONS) show that the UK economy expanded by just 0.3% between 2011 and 2012, following growth of 1.0% in calendar year 2011. In both cases growth has been revised up slightly as new information has been incorporated into the estimates.

Growth in 2012 was led by the services sector, which grew by 1.2%, according to the ONS’ Economic Review. However, this was partially offset by falling output in manufacturing and construction and in North Sea oil and gas production.

The mining and quarrying sector contracted by 10.7% in 2012 as a whole, thanks to a drop in output in the final quarter of the year as a result of maintenance of North Sea oil rigs.

Manufacturing output fell by 1.5% in 2012 and construction by 8.1%, in both cases following two years of expansion.

2013 factory output

Manufacturing output shrank by 0.2% in the three months to February 2013 against the previous three-month period, and it was down by 2.1% on the same period a year earlier.

The index of production (manufacturing, mining and utilities) posted a 0.3% rise in the three months to February on the previous three months, but was 2.5% down on the same period a year ago.

www.ons.gov.uk/ons/dcp171766_305624.pdf

www.ons.gov.uk/ons/dcp171778_305993.pdf