The Office for National Statistics (ONS) has just published its new preliminary data for Quarter 2 contributors to Gross Domestic Product in the UK. It is the first time, according to the ONS, that all principle sectors of UK business have seen positive growth since mid-2010.
The short video below illustrates the ONS data, showing how core business sectors relate to each other and contribute the UK economy as a whole. Services, as a broad economic theme, now represent the largest contributor to ‘UK Limited’.
Aggregated services in the analysis has continually performed well, since the massive economic contraction in 2009. To have so many core indicators rising must be a sign of improvement, or rather a sign that using traditional metrics, the economy has begun to recover.
What is never delineated in such metrics or traditional analysis is the change of thinking, or ‘modality rotation’ that might be occurring as a result of downturns altering mindsets, philosophical attitudes to investment or changes to the political landscape in communities.
In our next, fuller journal post, we will examine the concept of ‘community economics’, and how the emergence of ideas, which we have commented on in recent Mining the SEEM articles, have arguably coalesced into a new economic form.
