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Economy on the rise...
Page 24
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LATEST FIGURES show an upturn in the economy with an increase in Gross Domestic Product (GDP)often referred to as a key'surrunary indicator' of economic activity and manufacturing growth. This has also been evident in haulage with many big logistics firms' shares buoyed recently by economic growth and low interest rates. Both the FTA and the SMMT say industry confidence is recovering.
Gross domestic product
GDP provides a measure of the total economic activity in a region. The Office of National Statistics says that during the second quarter output of production industries increased by 0.1% within which manufacturing also 'jumped 0.1%, driven by an increaser the manufacture of machinery and equipment. Household expenditure during the period also rose 1.3% due to acceleration in retail sales. Business investment declined over the period, despite increased activity related to construction, as investment in transport equipment and plant and machinery declined.
Production
Manufacturing output rose by 0.2% in the three months to July compared to the three months to April, according to National Statistics. A rise in gas production led to an increase in mining and quarrying output of 1.4% from June to July
Inflation falls
API inflation over the year has now been above the central banks target of 2.5% for 10 consecutive months. National Statistics says that the largest downward effect on the yearon-year RPI inflation rate came from housing, mainly reflecting lower mortgage interest payments after the Bank of England cut the base rate in July. The main upward influence came from motoring expenditure as petrol prices rose and car prices fell.
Flows worked
The Labour Force Survey shows that the number of people usually working more than 45 hours a week has continued to decline, while the number of people working less than 46 hours in a week has risen. This has been boosted by the Working Time Directive legislation, which enforces a maximum 48-hour working week on most sectors of the economy.