{"id":2799,"date":"2009-05-22T10:08:42","date_gmt":"2009-05-22T10:08:42","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2799"},"modified":"2025-03-27T15:48:50","modified_gmt":"2025-03-27T15:48:50","slug":"uk-gdp-decline-slows-in-march","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2799","title":{"rendered":"UK GDP decline slows in March"},"content":{"rendered":"<p>A monthly GDP estimate derived from data on services and industrial output fell by 0.2% between February and March, the smallest decline since October &ndash; see chart. The slower pace of contraction is consistent with better purchasing managers&#8217; survey results in March; PMI readings continued to improve in April.<\/p>\n<p>The monthly estimate was 0.3% below its first-quarter average level in March, suggesting that second-quarter GDP figures &ndash; released in late July &ndash; will show a further decline. Based on current PMI readings, however, this could be smaller than the 0.6% fall implied by the Bank of England&#8217;s latest <em>Inflation Report<\/em> <a title=\"http:\/\/www.bankofengland.co.uk\/publications\/inflationreport\/09mayirprob.xls\" href=\"http:\/\/www.bankofengland.co.uk\/publications\/inflationreport\/09mayirprob.xls\" target=\"_blank\">forecast<\/a>. The Bank is projecting a further contraction of 0.3-0.4% in the third quarter.<\/p>\n<p>Today&#8217;s numbers confirm a 1.9% GDP fall between the fourth and first quarters, with the expenditure breakdown showing broad-based weakness. A silver lining, however, is that destocking rose further to reach 2.0% of the level of GDP &ndash; the highest on record in quarterly data going back to 1955. A slowdown in stock liquidation will provide important support to the economy later in 2009.<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/UK-GDP-estimates-220509.jpg?__SQUARESPACE_CACHEVERSION=1242988557722\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A monthly GDP estimate derived from data on services and industrial output fell by 0.2% between February and March, the smallest decline since October &ndash; see chart. The slower pace of contraction is consistent with better purchasing managers&#8217; survey results in March; PMI readings continued to improve in April. The monthly estimate was 0.3% below [&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-2799","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\/2799","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=2799"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2799\/revisions"}],"predecessor-version":[{"id":5108,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2799\/revisions\/5108"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}