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Release: Economic Well-being, Quarter 3 July to Sept 2015

Released: 23 December 2015 (Latest) Next edition: 31 March 2016

Contact

Dominic Webber

Measuring National Well-being

economic.wellbeing@ons.gsi.gov.uk

Telephone: +44 (0) 1633 456246

Categories: Economy, National Accounts, National Income, Expenditure and Output, People and Places, Communities, Societal Wellbeing, Measuring Societal Well-being, Standard of Living

Frequency of release: Quarterly

Language: English

Geographical coverage: GB

Geographical breakdown: UK and GB

Survey name(s): Wealth and Assets Survey, Living Costs and Food Survey

  • In Quarter 3 (July to September) 2015, gross domestic product (GDP) per head increased 0.3% compared with Quarter 2 (April to June) 2015 and is now 0.3% above pre-economic downturn levels. This was a slightly slower growth rate than the 0.4% quarterly increase seen in GDP.

  • In Quarter 3 2015, net national disposable income (NNDI) per head, which represents the income available to UK residents, increased 1.3% compared with Quarter 2 2015, but remains 0.1% below pre-economic downturn levels.

  • In Quarter 3 2015, real household disposable income (RHDI) per head (excluding non-profit institutions serving households) increased 0.3% compared with Quarter 2 2015 and increased 3.3% compared with the same quarter a year ago (Quarter 3 2014). Overall, it remains broadly in line with the level of household income seen in mid-2012.

  • In the financial year ending 2015 (April 2014 to March 2015), median income (the income of the middle household if all households are ranked from the lowest income to the highest) was £25,600 – 3.0% higher than in the financial year ending 2014 (April 2013 to March 2014). This continues the rise in median income seen since financial year ending 2013 to reach a similar amount to pre-economic downturn levels.

  • In Quarter 3 2015, household spending per head grew 0.6% compared with the previous quarter – continuing the general upward trend seen since Quarter 3 (July to September) 2011.

  • In the period July 2012 to June 2014, the wealth held by the top 10% of households accounted for 45% of total aggregate household wealth and was around 5 times greater than the wealth of the bottom half of all households combined.

  • In 2014, the net worth of the economy as a whole increased 5.0% to £8.1 trillion. In the same year, household net worth increased 12.2% (by £1.0 trillion) to £9.4 trillion, the largest year-on-year percentage change since 1998.

Presents indicators that adjust or supplement more traditional measures such as GDP to give a more rounded and comprehensive basis for assessing changes in economic well-being.

Content from the Office for National Statistics.
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