Statistics Bureau Revises Up 2002 British GDP Growth

31 March 2003

Britain’s Office for National Statistics has revised upwards its estimate of 2002 economic growth.

After better-than-expected performances by the financial services and transport and storage sectors, the ONS raised its assessment of fourth-quarter GDP growth slightly to 2.2% year-on-year.

This brings full-year growth up from previous estimates of 1.6% to 1.8%.

• Separately, research from Martin Hamblin Gfk found that British consumer confidence is at its lowest for over seven years.

The survey’s assessment of consumer sentiment slipped from minus nine in February to minus ten in March. The last time it plumbed such depths was in December 1995.

“Both of the personal finance measures have dropped slightly along with expectations for the future of the general economic situation,” Gfk declared. “However, perception of the development of the general economy and the current purchase climate has improved slightly.”

Data sourced from: BBC Online Business News (UK); additional content by WARC staff