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The shadow chancellor, Ed Balls, has responded to the revised GDP figures. He said:
The ONS estimate the Budget will add 0.38 percentage points to the 1-month Consumer Price Index (CPI) rate between April and October 2012.
However, as the impact of the Budget last year was similar (0.21 percentage points), only 0.17 points will be added to the 12-month rate over the same period.
CPI measures the changes from month to month in the cost of a representative 'basket' of goods and services bought by consumers within the UK.
The Office for National Statistics has tweeted:
The headline figures from the Office for National Statistics are:
- UK gross domestic product (GDP) in volume terms decreased by 0.3 per cent in the fourth quarter of 2011, revised from a decline of 0.2 per cent previously estimated
- For the year 2011, GDP in volume terms increased by 0.7 per cent
- Output of the production industries fell by 1.3 per cent, within which manufacturing fell by 0.7 per cent
- Output of the service industries fell by 0.1 per cent, while output of the construction industry fell by 0.2 per cent
- Household final consumption expenditure increased by 0.4 per cent in volume terms in the latest quarter
The economy shrank by 0.3% between October and December, according to the Office for National Statistics. That is worse than previously estimated.
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The Government's forecast for economic growth this year is fragile and events like the gas leak in the North Sea could leave a big dent.