“The British economy is struggling to reach a secure footing – a small increase in GDP hides a less positive picture. High spending levels are supporting the services sector as personal finances see a small boost. Business and finance sectors are also seeing small growth levels. But this is being offset by decreases and instabilities in other industries and sectors. Job losses across all industries, from energy to retail are making their mark in the economic landscape and proving a real challenge within the labour market.
“The construction and manufacturing sectors are having the most difficult time. Thousands of job losses, most recently by giants Tata and Bombardier are creating a real instability in the sector and this is having a knock-on effect for the British economy. With further uncertainty over a potential Brexit on the horizon, it’s an unpredictable outlook ahead. The labour market can bounce back from these obstacles but there will be no quick fix for the sector’s recovery.”
ONS GDP (Second Estimate) Oct- Dec 2015
- UK GDP in volume terms was estimated to have increased by 0.5% between Quarter 3 (July to Sept) 2015 and Quarter 4 (Oct to Dec) 2015, unrevised from the preliminary estimate of GDP published on 28 January 2016.
- Between 2014 and 2015, GDP in volume terms increased by 2.2%, unrevised from the previous estimate. Between Quarter 4 2014 and Quarter 4 2015, GDP in volume terms increased by 1.9%, unrevised from the previously published estimate.
- GDP in current prices remained flat between Quarter 3 2015 and Quarter 4 2015.
- GDP per head in volume terms was estimated to have increased by 0.3% between Quarter 3 2015 and Quarter 4 2015. Between 2014 and 2015, GDP per head increased by 1.5%.
- Output of the distribution, hotels and restaurants industries increased by 1.4% in Quarter 4 2015, following a 0.9% increase in Quarter 3 2015.
- Output of the transport, storage and communication industries increased by 0.9% in Quarter 4 2015, following a 0.9% increase in Quarter 3 2015.
- Business services and finance industries’ output increased by 0.7% in Quarter 4 2015, following a 0.6% increase in Quarter 3 2015.
- Construction output decreased by 0.4% in Quarter 4 2015, revised down 0.3 percentage points from the previously published estimate.
