{"id":2789,"date":"2009-07-03T10:00:25","date_gmt":"2009-07-03T10:00:25","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2789"},"modified":"2025-03-27T15:48:50","modified_gmt":"2025-03-27T15:48:50","slug":"uk-gdp-stabilising-after-q1-shocker","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2789","title":{"rendered":"UK GDP stabilising after Q1 shocker"},"content":{"rendered":"<p>The Office for National Statistics this week revised the fall in UK GDP in the first quarter from 1.9% to 2.4% but monthly figures on output in the services and production sectors &ndash; which account for 93% of GDP &ndash; indicate that the pace of contraction slowed during the quarter and the economy may have stabilised in April.<\/p>\n<p>The chart shows official quarterly GDP, rebased to the peak level in the first quarter of 2008, together with a monthly proxy based on the services and industrial output data. The proxy was unchanged in April &ndash; the first month not to register a decline since September. The monthly numbers are subject to revision but the April reading is consistent with better purchasing managers&#8217; survey results, which improved further in May and June.<\/p>\n<p>The monthly proxy was 0.3% below its first-quarter average in April so the preliminary second-quarter GDP estimate released on 24 July is likely to show a further fall. This should, however, be the smallest since a 0.1% drop in the second quarter of 2008.<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/chart9.gif?__SQUARESPACE_CACHEVERSION=1246624394450\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Office for National Statistics this week revised the fall in UK GDP in the first quarter from 1.9% to 2.4% but monthly figures on output in the services and production sectors &ndash; which account for 93% of GDP &ndash; indicate that the pace of contraction slowed during the quarter and the economy may have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2789","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2789"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2789\/revisions"}],"predecessor-version":[{"id":5098,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2789\/revisions\/5098"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}