We need your support to keep TheyWorkForYou running and make sure people across the UK can continue to hold their elected representatives to account.

Donate to our crowdfunder

National Income

Treasury written question – answered on 12th December 2011.

Alert me about debates like this

Photo of Jim Cunningham Jim Cunningham Labour, Coventry South

To ask the Chancellor of the Exchequer what assessment he has made of the effect of levels of domestic consumption on gross domestic product over the last 12 months.

Photo of Chloe Smith Chloe Smith The Economic Secretary to the Treasury

The Office for National Statistics (ONS) has published gross domestic product (GDP) by expenditure up to the third quarter of 2011. The level of household consumption is 1.4% lower than the same quarter last year and the level of Government consumption is 2.9% higher. The independent Office for Budget Responsibility (OBR) published its “Economic and fiscal outlook” on 29 November 2011, setting out its forecasts for 2011. GDP growth in 2011 is forecast to be 0.9% with household consumption forecast to fall by 1.1% in 2011, contributing -0.7 percentage points to growth in GDP overall. Government consumption is forecast to rise by 2.2% in 2011, contributing 0.3 percentage points to GDP growth.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.