NIESR

NIESR (National Institute for Economic and Social Research) has published its monthly estimate of GDP for December. NIESR’s release provides an unofficial first estimate of the UK’s Q4 GDP. The report suggests that GDP grew by 0.3 per cent  in the fourth quarter of 2009. The ONS’ preliminary estimate for Q4 GDP will be released on January 26^th.

The Chancellor has been clear that he expected growth to return by the fourth quarter, and the NIESR’s estimate supports that. Swift Government intervention blunted the impact of the recession. As a result, more businesses survived and fewer people lost their homes, while unemployment remains lower than in France, Canada, the United States and the euro area. But the outlook remains uncertain, so Government must continue to support businesses and families until the recovery is assured. We also need to live within our means, which is why we have set out plans to halve the deficit in the next four years, while protecting frontline services.