UK economy grew less than thought

Written By Unknown on Jumat, 21 Desember 2012 | 16.50

21 December 2012 Last updated at 04:49 ET

The UK economy grew 0.9% in the third quarter, says Office for National Statistics (ONS), less than the 1% it had previously estimated.

Output from manufacturing and services sectors grew less than expected, the ONS said.

But the decline in output from the construction industry was slightly less than previously thought.

The UK's official statistics authority regularly revises its data as more information is collected.

Joe Grice, chief economist at the ONS, told the BBC that the change to the growth figure was "not significant".

He pointed out that despite this strong showing, the economy is still about 3% below the level it reached before the recession.

The UK's services sector, which accounts for the majority of gross domestic product (GDP), or the value of all goods and services produced in the UK, grew by just 0.1% in October, indicating a weak start to the fourth quarter.

Figures also showed that the government borrowed £17.5bn in November, £1.2bn higher than a year earlier.

This takes total borrowing so far this financial year to £92.7bn, £8.3bn more than the same period in 2011.


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