Ignoring the political implications of these latest figures, they reveal exactly what it is that is wrong with our economy. Construction and manufacturing are down as are exports; lower than expected growth is dependent on the service sector to stop it being negative and within that shopping and eating out are the drivers. Once again it is becoming clear that house price inflation has plaid a part in the windrow dressing of our allegedly fast growing economy. Perhaps most significant of all is a further fall in productivity.
This is not, and never has been, a rebalancing of the economy away from imports to exports, away from consumption to manufacturing, away from debt to investment, away from the financial sector to the real economy. In other words nothing of substance promised by the government five years ago in return for austerity has been delivered. This is no more than a makeover of the old failed economic model, with a few tweaks here and there. It is a bad model which increases the gap between rich and poor and multiplies billionaires and food banks in equal measure. It is by no rational measure outside the campaign rooms an economic recovery; it is but economic survival.
What effect, if any, it will have on the election remains to be seen. At least we do not have too long to wait.