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Release: Economic Well-being, Quarter 2 Apr to June 2015

Released: 30 September 2015 Next edition: 23 December 2015

Contact

Lee Mallett

Measuring National Well-being

economic.wellbeing@ons.gsi.gov.uk

Telephone: +44 (0) 1633 455060

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

Frequency of release: Quarterly

Language: English

Geographical coverage: UK

Geographical breakdown: UK and GB

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

Correction

As noted in the publication of the United Kingdom Economic Accounts (UKEA) Q2 2015 release, Table 1.1.12 included preliminary estimates. Ongoing quality assurance of data contained within this table uncovered an error in the published estimates. ONS removed the data contained within this table whilst ongoing methodological and quality assurance checks were undertaken.

Furthermore, this error affected data in UKEA table 1.1.5. The series affected were MWB6, MWB7 and MWB8, which were also included in the economic well-being statistical bulletin. Therefore, main points, figures and commentary relating to these series within this release were removed whilst methodological and quality assurance checks were undertaken.

ONS worked to provide a more robust data series by the end of October. These series have now been updated and the affected content has been updated accordingly. This includes a main point and commentary on net national disposable income (NNDI), the addition of Figure 1 and the inclusion of the MWB6 MWB7 and MWB8 data series in the reference table.

Date of correction: 30 October 2015, 9.40am.

Key points

The key points from this release are:
  • In Quarter 2 (Apr to June) 2015, gross domestic product (GDP) per head increased 0.5% compared to Quarter 1 (Jan to Mar) 2015 and is now 0.6% above pre-economic downturn levels. This was a slightly slower growth rate than the 0.7% quarterly increase seen in GDP.

  • In Quarter 2 2015, net national disposable income (NNDI) per head, which represents the income available to UK residents, increased 1.0% compared to Quarter 1 2015, but remains 1.1% below pre-economic downturn levels.

  • In Quarter 2 2015, real household disposable income (RHDI) per head (excluding non-profit institutions serving households) increased 1.5% compared to Quarter 1 2015 and increased 3.3% compared to the same quarter a year ago (Quarter 2 2014). Overall, it remains broadly in line with the level of household income seen in mid-2012.

  • In the financial year ending 2014 (April 2013 to March 2014), median income (the income of the middle household if all households are ranked from the lowest income to the highest) was £24,500 – 3.4% higher than in the financial year ending 2013 (April 2012 to March 2013). This is a reversal of the downward trend seen since the financial year ending 2008.

  • In Quarter 2 2015, household spending per head grew 0.8% compared to the previous quarter – continuing the general upward trend seen since Quarter 3 (July to Sep) 2011.

  • As wealth tends to accumulate over an individual's working life, the highest median wealth between July 2010 and June 2012 were those with 2 adults, one under pension age and one over pension age with no children living in the household - with a median wealth of £607,800 compared to £218,400 for all households in Great Britain.

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.
© Crown Copyright applies unless otherwise stated.