Tags: UK Economic Growth Unexpectedly Revised Lower

UK Economic Growth Unexpectedly Revised Lower

Wednesday, 22 Dec 2010 07:19 AM

Britain's economy grew less quickly than previously thought in the third quarter, and growth in the second quarter was also revised down, official data showed on Wednesday.

The Office for National Statistics said UK GDP grew 0.7 percent on the quarter, down from the 0.8 percent previously estimated. On the year, growth was revised down to 2.7 percent from 2.8 percent. Economists had expected growth to be unrevised at 0.8 percent on the quarter and 2.8 percent on the year.

The ONS blamed the revision on weaker outturns for production industries, construction and business services and finance.

Growth in the second quarter was also revised down to 1.1 percent from the 1.2 percent previously reported following data which showed the construction sector grew less quickly than initially thought.

The figures suggest Britain's recovery is less robust than some hoped and will reinforce fears of a sharp slowdown early next year when public spending cuts increasingly start to bite.

Balance of payments data released at the same time showed Britain's deficit with the rest of the world widened to 9.568 billion pounds in the third quarter from 5.22 billion in the second.

Economists had expected the current account gap to widen to 8.55 billion pounds.

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Britain's economy grew less quickly than previously thought in the third quarter, and growth in the second quarter was also revised down, official data showed on Wednesday.The Office for National Statistics said UK GDP grew 0.7 percent on the quarter, down from the 0.8...
UK Economic Growth Unexpectedly Revised Lower
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2010-19-22
 

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