{"id":81558,"date":"2025-04-11T07:46:44","date_gmt":"2025-04-11T06:46:44","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=81558"},"modified":"2025-04-11T07:46:44","modified_gmt":"2025-04-11T06:46:44","slug":"have-you-felt-all-that-lovely-growth","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2025\/04\/11\/have-you-felt-all-that-lovely-growth\/","title":{"rendered":"Have you felt all that lovely growth?"},"content":{"rendered":"<p>I guess I have to report that the <a href=\"https:\/\/www.ons.gov.uk\/economy\/grossdomesticproductgdp\/bulletins\/gdpmonthlyestimateuk\/february2025\" target=\"_blank\" rel=\"noopener\">Office for National Statistics<\/a> reported this at seven this morning (I have corrected their typos and comma usage):<\/p>\n<blockquote>\n<ul>\n<li>Monthly real gross domestic product (GDP) is estimated to have grown by 0.5% in February 2025, with growth in all main sectors, following January 2025, which showed no growth (revised up from a fall of 0.1% in our previous publication).<\/li>\n<li>Real GDP is estimated to have grown by 0.6% in the three months to February 2025, compared with the three months to November 2024, mainly because of growth in the services sector.<\/li>\n<li>Monthly services output grew by 0.3% in February 2025, following unrevised growth of 0.1% in January 2025, and grew by 0.6% in the three months to February 2025.<\/li>\n<li>Production output grew by 1.5% in February 2025, following a fall of 0.5% in January 2025 (revised up from a 0.9% fall in our previous publication), and grew by 0.7% in the three months to February 2025, with manufacturing output driving the monthly and three-month growths.<\/li>\n<li>Construction output grew by 0.4% in February 2025, following a fall of 0.3% in January 2025 (revised down from a fall of 0.2% in our previous publication), but showed no growth in the three months to February 2025.<\/li>\n<\/ul>\n<\/blockquote>\n<p>I have three responses.<\/p>\n<p>First, really?<\/p>\n<p>Second, how?<\/p>\n<p>Third, who has noticed?<\/p>\n<p>The first question relates, as ever, to the quality of the statistics.<\/p>\n<p>The second relates to the implausibility of this when February showed no sign of such a thing happening.<\/p>\n<p>The third relates to the fact that if this has happened, it is still not enough to persuade Labour is doing anything more than watching over the accidents of nature that create the ebbs and flows of life, over which it appears to have little or no control.<\/p>\n<p>Forgive my cynicism, and the fact that I will be seeking to avoid the nauseous newsround interviews with Labour ministers today, but I am taking this news with a massive pinch of salt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I guess I have to report that the Office for National Statistics reported this at seven this morning (I have corrected their typos and comma<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2025\/04\/11\/have-you-felt-all-that-lovely-growth\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,118,120],"tags":[],"class_list":["post-81558","post","type-post","status-publish","format-standard","hentry","category-economics","category-labour","category-politivs"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/81558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=81558"}],"version-history":[{"count":1,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/81558\/revisions"}],"predecessor-version":[{"id":81559,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/81558\/revisions\/81559"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=81558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=81558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=81558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}