Week in Review - 1st July, 2011

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↔ GDPThe overall figure for GDP growth in 2011q1 was unrevised at 0.5%.
↓ Business InvestmentThe figure for total business investment in 2011q1 was revised upwards, but still showed a fall of 3.2%. Manufacturing investment fell by 4.4% in the first quarter.
↑ Balance of PaymentsThe current account deficit was £9.4bn in 2011q1, (equivalent to -2.5% of GDP) compared with a revised deficit of £13.0bn (-3.5% GDP) in 2010q4.
↓ Index of ServicesOutput from the service sector fell 1.2% between March and April. However, in the year to April output in the sector grew by 0.8%.
↑ ProductivityAcross the whole economy productivity, in terms of output per worker, grew by 0.1% in the first quarter of 2011.
↑ Lending to individualsTotal net lending to individuals rose £1.3 billion in May. Within the total, lending secured on dwellings rose £1.1bn and consumer credit rose by £0.2bn.
↓ Manufacturing PMIThe manufacturing PMI fell to 51.3 in June, its lowest level since September 2009. Although production picked up a little, new orders were down in the UK market and the rate of increase in new export business was the weakest since the recovery began.
The week ahead
Thu 7th: Index of Production; MPC rate decision
Fri 8th: Producer Price Index


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