British economy increases by 0.8 percent in third quarter
2010-11-24 17:26:41
British economy increased by 0.8 percent in the third quarter of 2010 compared with the April-June quarter, unrevised from the previous estimate announced a month ago, the British Office for National Statistics (ONS) said on Wednesday.
The report also showed that the gross domestic product(GDP) in the country increased by 2.8 percent in the third quarter of 2010 comparing with the same period of last year.
The major figures in the British economy have not revised in the latest GDP report. The gain in output of the production industries remained unrevised at 0.6 percent in the latest quarter.
Within production, manufacturing output increased by 1.0 percent, but mining and quarrying output fell by 1.0 percent, and utilities output fell by 0.2 percent.
British construction output rose by 4.0 percent in the third quarter, also unrevised from the previous estimate.
Output in the service industries remained unrevised at an increase of 0.6 percent in the latest quarter, which is the same as the increase in the previous quarter.
Growth this quarter was driven by a rise of 1.4 percent in transport, storage and communications services; a rise of 0.9 percent in distribution, hotels, catering and repairs; and a rise of 0.3 percent in business services and finance.
British economy suffered a serious recession in the past years and the GDP of the country declined for six quarters in a row from the second quarter of 2008 to the third quarter of last year.
The British economy began its recovery from the last quarter of 2009 but some analysts have said that a large scale government spending cut would hurt the recovery in the coming quarter, although a double-dip recession seems unlikely.