EconoMonitor

What’s Up, What’s Down?

Today’s gross domestic product figures, as always, contained a lot of detail. They confirmed the 1% third quarter rise in GDP, which in turn confirmed that the economy has some way to go to regain its pre-crisis peak. The latest numbers show GDP is 3.1% down on its level in the first quarter of 2008.

But how have individual sectors and components of spending fared within that bigger picture? The services sector has done best, with output 0.4% higher than pre-crisis levels, in contrast to manufacturing, down 8%, construction, down 18.3%, and mining and quarrying, which includes the shrinking North Sea oil and gas sector, down 34.5%.

Business services and finance are a mere 1.2% down on pre-crisis levels but the undoubted star of the services sector is “government and other services”, up 6.7%.

In terms of expenditure, consumer spending is 4.9% below pre-crisis levels, while investment – including public investment – is a huge 18.8% down. Government consumption, however, is up by 4.5%. Exports are up 2.3%, while imports are down 3.9%, so there’s been a little bit of rebalancing. All the numbers are inflation-adjusted.

The GDP release is here, as is a link to the database.

This piece is cross-posted from David Smith’s Economics UK with permission.

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Aaron Menenberg is Foreign Policy and Energy analyst, and a Future Leader with Foreign Policy Initiative. He also co-hosts Podlitical Risk (@podliticalrisk). He is a graduate student in international relations at The Maxwell School of Syracuse University. Previously he has worked at Praescient Analytics, The Hudson Institute, for the Israeli Ministry of Defense, and at the IBM Corporation. The views expressed are his own, and you can follow him on Twitter @AaronMenenberg. He welcomes questions and comments at menenbergaaron@gmail.com.