mpc:
7
unrevised at 0.5%, estimated manufacturing output growth had been revised down by 0.1 percentage
points, to 1.0%, and estimated construction output growth had been revised up, to 1.9%, from 1.1% in
the previous release.
A25 On the expenditure measure, estimated quarterly final domestic demand growth in the fourth
quarter had been revised up, to 0.9%, from 0.6% in the previous release. Estimated household
consumption growth (including non-profit institutions serving households) had also been revised up, to
1.1%, from 1.0% in the previous release. Within this, consumption of retail goods and of services had
been the main contributors to overall consumption growth. Estimated whole-economy investment
growth (including valuables) in 2002 Q4 had been revised up, to 0.2%, from 1.3% in the previous
release. Within this, estimated business investment growth had been revised up, to 0.4%, from 1.1%
in the previous release. Government investment also rose in 2002 Q4, by 3.4%.
A26 The estimated contribution of inventories to GDP growth in 2002 Q4 had been revised up, to
0.8 percentage points, from 0.7 percentage points in the previous release. Excluding the alignment
adjustment, inventories had contributed 0.2 percentage points to GDP growth. The Q4 alignment
adjustment had been the largest positive adjustment since adjustments of this type had been introduced
in 1983. The ONS had suggested that this had reflected issues relating to the consistency of data on
domestic output and demand and overseas trade. Estimated domestic demand growth had been revised
up, to 1.6% in 2002 Q4, from 1.3% in the previous release.
A27 Estimated export growth in 2002 Q4 had been revised down a little, to 3.6%, from 3.4% in the
previous release. Estimated import growth had been revised up, to 0.2%, from 0.3% in the previous
release. Within exports, there had been a 5.8% fall in goods exports, which had been partially offset
by a 2.7% rise in services exports. The estimated contribution of net trade to quarterly GDP growth in
2002 Q4 had been revised down, to 1.3 percentage points, from 1.0 percentage point in the previous
release.
A28 On the income side of the accounts, households' real post-tax income had risen by 0.9% in
2002 Q4. This had reflected increases in both households' real post-tax labour income (which
excludes dividends and other non-labour income), which had risen by 0.6%, and non-labour income,
which had risen by 2.2%. The saving ratio had fallen by 0.2 percentage points, to 4.9% in 2002 Q4.
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