Office for National Statistics
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Economic Well-being, Quarter 1 Jan to Mar 2015

Main points

  • In Q1 2015, gross domestic product (GDP) per head increased 0.2% compared to Q4 2014 but remains 0.6% below pre-economic downturn levels. This was a slightly slower growth rate than the 0.4% quarterly increase seen in GDP.
  • Net national disposable income (NNDI) per head, which represents the income available to UK residents, increased 1.6% compared to Q4 2014, but remains 3.8% below pre-economic downturn levels.
  • In Q1 2015, real household disposable income (RHDI) per head (excluding non-profit institutions serving households) was unchanged (0.0%) compared to Q4 2014 and increased 3.7% compared to the same quarter a year ago (Q1 2014). Overall, it remains broadly in line with the level of household income seen since 2012.
  • In the financial year ending 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 2012/13. This is a reversal of the downward trend seen since the finanical year ending 2008.
  • In Q1 2015, household spending per head grew 0.8% compared to the previous quarter – continuing the general upward trend that started in Q3 2011.
  • Great Britain has one of the highest mean levels of wealth relative to 18 OECD countries. Whilst shifting from mean to median net wealth leads to large differences in country rankings for some countries, suggesting higher wealth inequality, Great Britain ranks in a similar position on both measures.

Get all the tables for this publication in the data section of this publication.

 

Channel website: https://www.ons.gov.uk/

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