The Bank of England has released it's current Inflation Report Overview and advise that output has barely grown for a year and a half and was estimated to have contracted slightly in the past two quarters. The Euro-area economy remained weak, but global activity overall continued to expand at a moderate pace.
A number of one-off factors are likely to affect the pattern of quarterly growth of domestic output during 2012. Looking through those effects, underlying demand growth is likely to remain subdued in the near term, before a gentle increase in households' real incomes and consumption helps the recovery to gain traction. For more on this report please visit: Inflation Report Overview.
The Bank of England has also released it's current monthly Agents' Summary of Business Conditions, which shows that consumer demand had grown a little in recent months, activity in the housing market continued to rise, goods export growth remained strong, particularly to emerging market economies and that the manufacturing output for the domestic market continue to expand at a moderate pace. To read the full report please visit: Agents' Summary of Business Conditions.