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UK economy grew 0.9% in third quarter, says the ONS UK economy grew 0.9% in third quarter, says the ONS
(35 minutes later)
The UK economy grew 0.9% in the third quarter, says Office for National Statistics (ONS), less than the 1% it had previously estimated. The UK economy grew by 0.9% in the third quarter of the year, official figures show, less than the 1% previously estimated.
Output from manufacturing and services sectors grew less than expected, the ONS said. Output from manufacturing and services sectors grew less than expected, href="http://www.ons.gov.uk/ons/rel/naa2/quarterly-national-accounts/q3-2012/index.html" >the Office for National Statistics said.
But the decline in output from the construction industry was slightly less than previously thought.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.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".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. He pointed out that despite the strong growth in the July-to-September period, economic output 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.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. Economists had predicted borrowing would fall slightly to around £16bn. Although the figures showed inflation-adjusted household spending rose by 0.4% to £874m in the third quarter, it seems this was a temporary boost thanks to the Olympics and Paralympics.
The bigger-than-expected increase piles more pressure on Chancellor George Osborne as he struggles to reduce public borrowing in the face of a sluggish economy. The current volatile nature of consumer confidence was illustrated in a survey published by research firm GfK on Friday, which showed a "dramatic" fall in confidence in December, contrasting strongly with an equally sharp rise in November.
Figures also showed that the government borrowed £17.5bn in November, £1.2bn higher than a year earlier. Economists had predicted borrowing would fall slightly to about £16bn.
The bigger-than-expected increase adds to the problems faced by Chancellor George Osborne as he struggles to reduce public borrowing in the face of a sluggish economy.
This takes total borrowing so far this financial year to £92.7bn, £8.3bn more than the same period in 2011.This takes total borrowing so far this financial year to £92.7bn, £8.3bn more than the same period in 2011.
But the chancellor may be cheered by the fact that separate figures showed business investment rose by £1.1bn in the third quarter, up 3.8% to £31.5bn, compared with the previous quarter.