The UK´s gross domestic product (GDP) decreased by 0.3 per cent in volume terms between the third and fourth quarter of 2012, according to the latest data available from the Office for National Statistics (ONS).

That was as expected.

However, previous estimates of quarterly GDP growth rates for the first and third quarters of 2012 were both revised higher by one tenth of a percentage point, to 1.0% and -0.1% respectively.

Output measures

The fall in output of the production industries has been revised down to 1.9%, from the previously estimated 1.8% fall. Manufacturing output fell by 1.3%, revised up from the previously estimated decrease of 1.5%.

Output of the service industries fell by 0.1%, instead of remaining unchanged, as was initially thought.

Activity levels in the construction industry rose by 0.9%, up from the previously estimated 0.3%.

Expenditure-based calculations

Household final consumption expenditure increased by 0.2% in volume terms in the latest quarter.

Government final consumption expenditure increased by 0.6% in the last three months of 2012, following an increase of 0.5% in the third quarter.

Gross fixed capital formation dropped by 0.4% in quarter four following an additional drop of 0.6% in quarter three.

The deficit in net trade was £5.7bn in the fourth quarter of 2012, compared with a deficit in net trade of £5.5bn in the third quarter.

The gross domestic product implied deflator at market prices for the fourth quarter of 2012 was 1.1% above the same quarter of 2011.



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