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UK economy continues recovery with 0.6% growth (www.bbc.com)

submitted 2 months ago by [email protected] to c/[email protected]

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The UK's economy grew by 0.6% between April and June as it continued its recovery from the recession at the end of last year.

The latest figure was in line with forecasts and follows a 0.7% increase in the first three months of this year.

Growth was led by the services sector, in particular the IT industry, legal services and scientific research. Services are the biggest contributor to the UK's economy, far outstripping manufacturing and construction, both of which saw output fall between April and June.

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[–] [email protected] 6 points 2 months ago (1 children)

None (unless we're talking about billionaires). GDP is a dogshit predictor of living standards, but gets presented as such by media pundits, who try to make the everyday person empathise with the ultra-rich

[–] [email protected] 4 points 2 months ago (1 children)

What is a good indicator if not GDP?

[–] [email protected] 3 points 2 months ago* (last edited 2 months ago)

I suppose you could create one based on the average wage and the average cost of living. I'm sure something like that does exist. Buying power or disposable income or whatever.

GDP is useless because it counts things like all the money proles are forced to pay to their landlords. And the amount they fork over to energy and utility companies. It counts the hugely inflated value of property markets. It's not very indicative of how us small folk actually live.