Nothing to worry about; the UK economy is still in recovery mode. The q4 GDP number, which showed a 0.5 percent decline in activity, was almost certainly a blip.
Today, the ONS printed the December production index numbers. They looked pretty good to me.
Here are the highlights:
- Year on year, overall production output in December 2010 was 3.6 per cent higher than in December 2009.
- Total manufacturing output increased by 4.4 per cent in December 2010 compared to the same month a year ago.
- Output increased in nine of the 13 sub-sectors and fell in four sub-sectors.