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UK economic growth revised down

The UK economy grew at a slower rate in the third quarter of 2010, according to revised figures from the Office for National Statistics.

The ONS said that UK GDP grew by 0.7 per cent between July and September 2010, down from its earlier estimate of 0.8 per cent. It also lowered its second quarter growth figures from 1.2 per cent to 1.1 per cent.

The ONS blamed weaker outturns for production industries, construction and business services and finances on the unexpected revision.  

Government spending cuts and the VAT hikes have already seen a number of other organisations lower their 2011 growth forecasts.

Earlier this week, the CBI lowered its growth expectations from 0.3 per cent to 0.2 per cent in the first quarter of 2011.

Travelex Global Business Payments head of the UK trading desk Mark Bolsom says: “This is really disappointing news. The growth figure in the third quarter gave sterling a massive boost and bolstered trade confidence as well. The revision has taken the shine off the data and markets will be disappointed that UK growth is not as robust as it initially seemed.
 
“It’s a bad end to the year for sterling, as I expect growth to slow sharply next year as spending cuts and tax hikes start to bite.”

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