U.K. Q3 GDP growth confirmed at 1%
2012-11-27 11:56:35
The U.K. economy expanded 1 percent sequentially in the third quarter as previously estimated, ending three straight quarters of contraction, second estimate published by the Office for National Statistics showed Tuesday.
The third quarter growth follows a 0.4 percent decline in the second quarter and a 0.3 percent drop in the first quarter of 2012.
Output of the production industries grew 0.9 percent, revised down from the previously estimated increase of 1.1 percent. Likewise, growth in manufacturing output was revised down to 0.9 percent from 1 percent.
At the same time, services output gained 1.3 percent, unrevised from the previous estimate. Meanwhile, construction output fell 2.6 percent, compared to the previous estimate of 2.5 percent fall.