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UK recovery weak
Source: Agencies |
December 23, 2010, Thursday
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Print Edition
Print Edition
BRITAIN'S economy grew by 0.7 percent in the third quarter of this year, less than the 0.8 percent first estimated, according to official data released yesterday that suggest the recovery will be weak next year.
The Office for National Statistics also revised down its second-quarter growth figure, to 1.1 percent from 1.2 percent, due in part to weaker construction activity than earlier calculated.
Vicky Redwood, senior UK economist at Capital Economics, said details within the report were a mixed bag of signals. Government spending now appears to be a smaller component but offset by a gain in investment, and the household savings rate was revised upward from 3.5 percent to 5 percent.
Second-quarter construction output was revised down from 9.5 percent to 7 percent, and growth in Britain's big financial and services sector was revised down from 1 percent to 0.9 percent.
The Office for National Statistics also revised down its second-quarter growth figure, to 1.1 percent from 1.2 percent, due in part to weaker construction activity than earlier calculated.
Vicky Redwood, senior UK economist at Capital Economics, said details within the report were a mixed bag of signals. Government spending now appears to be a smaller component but offset by a gain in investment, and the household savings rate was revised upward from 3.5 percent to 5 percent.
Second-quarter construction output was revised down from 9.5 percent to 7 percent, and growth in Britain's big financial and services sector was revised down from 1 percent to 0.9 percent.
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