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Release: Quarterly National Accounts, Q1 2013

Released: 27 June 2013 Next edition: 25 July 2013

Contact

Alison McCrae

National Accounts Co-ordination

gdp@ons.gsi.gov.uk

Telephone: +44 (0)1633 456099

Categories: Economy, National Accounts, National Income, Expenditure and Output, GDP by Category of Expenditure, GDP by Category of Income, GVA by Category of Output, Main Aggregates of National Accounts

Frequency of release: Quarterly

Language: English

Geographical coverage: UK

Geographical breakdown: UK

Correction

26 July 2013

Errors have been found in the sector breakdowns of Gross Fixed Capital Formation (GFCF) published in Table F and K2. Quarterly net lending by sector in Table I will also be affected. This correction has no impact on the estimates of total GFCF and therefore no impact on Gross Domestic Product.

Corrected breakdowns of GFCF can be found in the Business Investment Q1 2013 Results – By Sector and Asset.

It is not possible to correct the affected series in the Quarterly National Accounts until the next publication on 26 September 2013.

The following publications are also affected:

The Business Investment Q1 2013 Results – By Sector and Asset

United Kingdom Economic Accounts Q1 2013

ONS apologises for any inconvenience this may cause. For further information please contact gcf@ons.gsi.gov.uk

 

Key points

The key points from this release are:
  • UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.3% between Q4 2012 and Q1 2013, unrevised from the previous publication. In current prices GDP was estimated to have increased by 0.9% for the same period.

  • The households' saving ratio was estimated to be 4.2% in Q1 2013, the weakest since Q1 2009 when it was 3.4%.

  • Estimates in this bulletin are consistent with ONS' annual national accounts publication – Blue Book, to be published on 31 July 2013. The last base year and reference year for the chained volume estimates have both moved on from 2009 to 2010. All time periods are open for revision in this release.

  • The peak to trough fall of the economic downturn in 2008/09 is now estimated to be 7.2%.

  • In Q1 2013, GDP was estimated to have been 3.9% lower than the pre-financial crisis peak in Q1 2008. Previously GDP was estimated to have been 2.6% lower for the same period.

  • GDP growth between Q4 2011 and Q1 2012 has been revised from a fall of 0.1% to flat, thereby removing the phenomenon of two consecutive quarters of negative growth.

  • As a result of revisions in this Blue Book consistent publication, the average quarterly revision to GDP is now +0.11 percentage points, a little lower than the previous average revision.

  • Real household disposable income increased by 1.4% between 2011 and 2012. This is the highest growth since 2009 when it rose by 1.6%.

  • ONS has produced an article, published simultaneously with this release, giving more detail on these earlier revisions, ‘Impact of changes in the national accounts and economic commentary for Q1 2013’.

ONS has published an article with this release giving detail of earlier revisions to the GDP dataset.

Impact of changes in the National Accounts and economic commentary for Q1 2013 (193.4 Kb Pdf)

Contains detailed breakdowns of the components of GDP and key sector accounts aggregates.

31 July 2013

Publication of pre-1998 data

Following detailed quality assurance, ONS has today published GDP and UKEA datasets containing data pre-1998. Time series now start from the first available data point for all series.

For further information please contact gdp@ons.gsi.gov.uk

These National Statistics are produced to high professional standards and released according to the arrangements approved by the UK Statistics Authority.

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