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Economic Review, July 2008

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  • Anis Chowdhury

    (Office for National Statistics)

Abstract

Monthly review of economic and labour market trends in the UK.Gross Domestic Product output slowed in 2008 quarter one compared with the previous quarter. Growth was driven by slower service sector output, offset by virtually flat total production growth. Manufacturing output returned to positive growth in the latest quarter. On the expenditure side, household spending strengthened, while business investment weakened in quarter one compared with the previous quarter. The current account deficit narrowed in quarter one. The goods trade deficit also narrowed in the latest quarter. The labour market continues to be buoyant in 2008 but shows signs of softening; while average earnings remain relatively subdued. Public sector finances deteriorated in May 2008. Consumer price inflation accelerated in May 2008 and was above the Government's inflation target. Producer output and input price inflation accelerated in 2008 quarter one and continued to increase in May 2008. Economic & Labour Market Review (2008) 2, 6–14; doi:10.1057/elmr.2008.99

Suggested Citation

  • Anis Chowdhury, 2008. "Economic Review, July 2008," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 2(7), pages 6-14, July.
    • Handle: RePEc:pal:ecolmr:v:2:y:2008:i:7:p:6-14
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