Tomorrow morning, the preliminary estimate for UK fourth quarter GDP growth will be announced, and we’ll get a first impression of annual growth for 2015.
While we’ve been away over the Christmas break, global stock markets suffered another shock, which once again originated in China.
Preliminary figures released by the Office for National Statistics yesterday suggested that UK GDP growth in the third quarter of the year was 0.5% – lower than the previous quarter’s growth rate of 0.7%, and the consensus forecast of 0.6%.
At the end of last week, the Office for National Statistics released their annual international comparison of productivity for 2014, and it showed that although the UK’s productivity increased very slightly, our relative position within the G7 worsened to the lowest point on record.
Since our chart on Chinese exchange rates last week, the global economic press has shifted focus from the currency to the stock markets.
This week two departments of the UN released a joint report which put forward a new way of measuring a nation’s wealth.