UK GDP, 1st Quarter 2013: The Office for National Statistics (ONS) has updated its original estimate for the UK economy, but there was no revision to the trend which showed growth of +0.3% compared to the final period of 2012 which means that the economy is +0.6% larger than it was a year ago.
Although manufacturing output fell slightly using quarter-on-quarter data, the production sector as a whole saw some growth with North Sea Oil output recovering following the later and longer period of maintenance which took place at the end of 2012. Construction output fell again at the start of 2013 and is now at its lowest quarterly level since the 3rd period of 2000. Positive growth resumed in the services sector, a trend that was shared across most, but not all, of the sub-sectors.
The UK economy was slightly ahead of Europe; Euro-Zone GDP grew by +0.2%, with the EU27 seeing a rise of +0.1% (based on the Eurostat flash estimates). The USA recorded quarter-on-quarter growth of +0.6% and Japan registered +0.9%, but the annualised trends are very different - the US economy was +1.8% larger than a year earlier, but Japan’s economy was unchanged.
Full details can be found in the ONS Statistical Bulletin which can be downloaded from their web-site at www.ons.gov.uk or requested from MTA.
Investment Grants in Scotland: The Scottish Government still uses a grant based system for supporting investment - Regional Selective Assistance (RSA); details of this scheme are available at http://www.scottish-enterprise.com/fund-your-business.aspx. They produce a list of both accepted offers and payments made - copies of the Scottish report for the 1st quarter of 2013 are available on request from MTA (we can also add you to a mailing list to receive these reports as they become available) or via the above link under “reports”.