The preliminary estimate for growth in gross domestic product (GDP) in the second quarter of 2011came in at 0.2%. But why was economic growth so poor in Q2 2011?
The ONS suggests that second quarter GDP growth could have come in at 0.7%, had it not been held back by a number of "special events."
These "special events" comprise the following:
The additional bank holiday for the royal wedding; The royal wedding itself; The after-effects of the Japanese tsunami; The first phase of Olympic ticket sales; and Record warm weather in April.ONS stresses that its estimates regarding the impact of these "special events [...] "must be regarded as broad brush and illustrative.
It might be argued that growth in any quarter of any year will always be subject to what Harold Macmillan termed "Events, my dear boy, events."
However, Chris Dillow of Investors Chronicle argues that it might pay to take ONS' views on the impact of these "special events" seriously.
And that's before we see what kind of "events, my dear boy, events," the coming months might hold...