UK GDP: different measures, competing narratives

New data shows living standards maybe, finally, recovering to pre-recession levels but is it too late for the Tories or too early for Labour?

There was something for everyone in the latest UK economic data. Growth in the final three months of 2014 was revised up. That was good news for the government. The balance of payments deficit last year was the highest since modern records began in 1948. That was not so welcome.

But with an election five weeks away, the most interesting release from the Office for National Statistics was the one dealing with wellbeing. Living standards are key to the result on 7 May and here all sides can use the official data to weave their own narrative.

Related: Living standards key to UK election as data shows slowest recovery since 1920s