date: 25 July 2013
embargo: For immediate release
Responding to the first estimate of GDP growth in the second quarter of 2013 published today (Thursday), TUC General Secretary Frances O'Grady said:
'After years of bumping along the bottom, it's encouraging to finally see some growth in the economy.
'But it's a measure of how poor the economy is faring that this level of growth is being welcomed. We remain stuck in the slowest recovery for a century. The bigger picture is an economy that has grown half as much as forecast when the government came to power.
'The state of the economy will not be judged on output figures, but on whether people's living standards start rising again. With workers in the midst of the longest wage squeeze since the 1870s and unemployment still over 2.5 million, it certainly doesn't feel like a recovery to many people.'
NOTES TO EDITORS:
- In the pre-Budget June 2010 forecast, the Office for Budget Responsibility (OBR) forecast growth of 1.3 per cent for 2010, 2.6 per cent for 2011, 2.8 per cent for 2012 and 2.8 per cent for 2013. But growth over this period has been far poorer than expected. While the economy would be 8.1 per cent bigger than in 2009 had the OBR forecasts been achieved, it is in fact only 4 per cent larger, even after today's figures.
GDP growth June 2010-June 2013
OBR forecast |
Actual GDP growth |
|
2010 |
1.3 |
1.8 |
2011 |
2.6 |
1.0 |
2012 |
2.8 |
0.3 |
Q1-2 2013 |
1.4* |
0.9 |
Source: OBR, ONS
* The OBR forecast growth of 2.9 per cent for the whole of 2013.
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