This is a graph published by the ONS this morning:
Overall growth in the first quarter of 2015 has fallen to 0.3%. As the ONS says:
- Change in gross domestic product (GDP) is the main indicator of economic growth. GDP is estimated to have increased by 0.3% in Quarter 1 (Jan to Mar) 2015 compared with growth of 0.6% in Quarter 4 (Oct to Dec) 2014.
- Output increased in services by 0.5% in Quarter 1 (Jan to Mar) 2015. The other 3 main industrial groupings within the economy decreased, with construction falling by 1.6%, production by 0.1% and agriculture by 0.2%.
- GDP was 2.4% higher in Quarter 1 (Jan to Mar) 2015 compared with the same quarter a year ago.
So, services are continuing to keep growth afloat, just. But we're not making things, we're not exporting, and we're not building. Indeed, as the graph shows, whilst Labour boosted production, construction and even agriculture after the 2008 crash this is simply not true under the Coalition. From when the Labour growth plans ran out in 2011 until 2015 all three of these sectors have declined. That's no economic miracle, and if it's a plan it's a bad one. This is an economy that's still not working.