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| GDP: UK economy grew more than thought in 2012 | GDP: UK economy grew more than thought in 2012 |
| (35 minutes later) | |
| The UK economy grew by more than previously thought in 2012, official figures have shown. | The UK economy grew by more than previously thought in 2012, official figures have shown. |
| The Office for National Statistics (ONS) href="http://www.ons.gov.uk/ons/dcp171778_296602.pdf" title="Link to ONS report" >revised its growth estimate for the year up from no growth to 0.3%. | |
| But the figure for the last three months of the year was left unchanged at a contraction of 0.3%. | But the figure for the last three months of the year was left unchanged at a contraction of 0.3%. |
| Last week, credit rating agency Moody's downgraded its rating of the UK economy over fears that growth would "remain sluggish over the next few years". | Last week, credit rating agency Moody's downgraded its rating of the UK economy over fears that growth would "remain sluggish over the next few years". |
| The revisions earlier in the year came in the first quarter, which was lifted from a 0.2% contraction to a 0.1% contraction while growth in the third quarter was upgraded from 0.9% growth to 1.0%. | |
| The third quarter was boosted by the Olympic Games, with all ticket sales being assumed to have taken place in that three-month period. | |
| 'Pluses and minuses' | |
| There were some revisions to the performances of individual sectors in the fourth quarter. | |
| The service sector, which accounts for three-quarters of the UK economy, was revised down to a 0.1% contraction, compared with zero growth in the first estimate. | |
| The production sector was revised down from a 1.8% contraction to a 1.9% contraction. | |
| But the construction industry performed much better than first estimated, growing by 0.9% against an initial figure of 0.3%. | |
| "On balance, there's pluses and minuses in the release," said David Tinsley at BNP Paribas. | |
| "It confirms that the economy contracted [in the fourth quarter] and it really underlines that the growth trajectory into this year is at best weak and could even be falling." | |
| The release from the ONS also gave the first expenditure figures for the last three months of 2012, with consumer spending up 0.2%, exports down 1.5% and imports down 1.2%. | |
| Investment by businesses fell 0.4%. | |
| "There remains little sign of a rebalancing within the economy towards business spending and trade," said James Knightley at ING. |