Tuesday, 27 November 2012 10:48
GDP Q3 figures remain unchanged in second revision
GDP growth for the third quarter of 2012 has remained at one per cent according to the Office for National Statistics.
There had been criticism that the preliminary growth figure was too high when it was first released in October and economists had expected a downward revision.
While there were smaller downward revisions in certain sectors, they were not large enough to have an impact on the overall figure.
Output in the construction, manufacturing and production industries were all revised downwards.
Construction was revised from a fall to 2.5 per cent to a fall of 2.6 per cent, manufacturing rose by 0.9 per cent, revised down from a rise of 1.0 per cent and production rose by 0.9 per cent, revised down from 1.1 per cent.
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Output in the service industries remain unchanged at growth of 1.3 per cent.
New data revealed household expenditure increased by 0.6 per cent following a decline in the second quarter, the strongest growth since the second quarter of 2010. This included Olympic ticket sales and hotels and restaurants.
The UK trade position was also improved during the third quarter of 2012 with exports rising by 1.7 per cent. This was partly attributed to higher spending by foreign tourists.
The ONS report said: "Overall, the picture remains broadly unchanged from the preliminary estimate. The reduction in working days as a result of the Diamond Jubilee in the second quarter of 2012 and hosting of the Olympic and Paralympic Games in the third quarter of 2012 may explain why growth seems so buoyant compared with recent quarters."
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There had been criticism that the preliminary growth figure was too high when it was first released in October and economists had expected a downward revision.
While there were smaller downward revisions in certain sectors, they were not large enough to have an impact on the overall figure.
Output in the construction, manufacturing and production industries were all revised downwards.
Construction was revised from a fall to 2.5 per cent to a fall of 2.6 per cent, manufacturing rose by 0.9 per cent, revised down from a rise of 1.0 per cent and production rose by 0.9 per cent, revised down from 1.1 per cent.
{desktop}{/desktop}{mobile}{/mobile}
Output in the service industries remain unchanged at growth of 1.3 per cent.
New data revealed household expenditure increased by 0.6 per cent following a decline in the second quarter, the strongest growth since the second quarter of 2010. This included Olympic ticket sales and hotels and restaurants.
The UK trade position was also improved during the third quarter of 2012 with exports rising by 1.7 per cent. This was partly attributed to higher spending by foreign tourists.
The ONS report said: "Overall, the picture remains broadly unchanged from the preliminary estimate. The reduction in working days as a result of the Diamond Jubilee in the second quarter of 2012 and hosting of the Olympic and Paralympic Games in the third quarter of 2012 may explain why growth seems so buoyant compared with recent quarters."
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