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News - 28 March 2013

UK economic contraction estimate unchanged, says ONS

The UK economy contracted at the end of 2012 in line with the previous estimates as industrial production posted its biggest quarterly fall since early 2009, official data showed.

The Office for National Statistics (ONS) said gross domestic product dropped 0.3% in the October-to-December period.

The contraction followed a 2.1% decline in industrial production, the biggest fall since the first quarter of 2009.

Last week, the independent Office for Budget Responsibility (OBR), used by the government, forecast that the UK would see growth of only 0.6% this year, half what it predicted a few months ago.

The ONS also released fourth-quarter current account data, which showed that Britain's deficit with the rest of the world narrowed to £14.037bn from £15.074bn in the third quarter of 2012.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The current account figures show us that we're still terrible at exporting. The weaker pound is certainly not helping to rebalance the economy in this area."

If you need any help and advice for your business on financing, cash-flow, management accounts, business development or any other business related matter contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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