UK 2013 Q2 Nominal GDP
The nominal GDP numbers are out for Q2 and are weak, the impressive thing is the negative GDP deflator for the quarter – yes that’s deflation. As usual the q/q rates are highly unreliable in this first estimate, so should be taken with a large pinch of salt.
The annual rate has improved but this mostly reflects the 2012 Q2 quarter falling out.
Last four quarters at seasonally adjusted annual rates:
And here’s the graph using nominal GVA, to avoid the VAT distortions across 2008-11: