The Office of National Statistics (ONS) confirmed today that the rate of national growth for the first three months of 2011 was 0.5%, a figure unchanged from previous estimates.
There weren’t many surprises in the report issued by the ONS, as slow UK economic growth so far in 2011 followed on from a 0.5% contraction at the end of 2010.
Manufacturing output was lower than had first been forecast, but this was cancelled out by a better final figure for Construction output. The Service sector, which contributes 75% of the UK’s national output, stayed unchanged.
Household spending was also revealed to be down 0.6%, the biggest fall since 2009.
This data seemed to confirm the struggle the UK economy faces in 2011, as economic growth remains much lower than pre-recession days, whilst household spending goes down as consumers cut down on non-essential items such as shoes and clothing.
More and more businesses are turning to business finance solutions like Invoice Factoring or Invoice Discounting as their banks become more and more strict with their lending.