This note provides some wider economic analysis to support the Statistical Bulletin relating to the latest GDP release and other major economic releases during the latest month. By drawing on the wider array of economic releases surrounding the GDP release, for example the labour market, trade, retail sales and inflation releases, this note attempts to provide a more comprehensive picture of how the economy has performed in the latest quarter and, where relevant, the latest month.
Key points• The latest month's figures fit the emerging picture of a slowing economy, with little respite from immediate inflationary pressures.• GDP growth in the second quarter was 0.1 per cent, revised down from 0.2 per cent. Growth in the first quarter is also slower than previously estimated. As a result, the level of GDP in the second quarter of 2011 is broadly unchanged from its level three quarters earlier.• In the second quarter, growth in the services sector was weaker than previously estimated, offset by markedly stronger growth in the construction sector and a smaller contraction in the production sector.