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UK growth for 2012 revised up to 0.2%

London UK Britain Flags Street 480

The Office for National Statistics has revised its growth estimate for 2012 up from no growth to 0.2 per cent.

The ONS has published its second estimate of UK GDP for Q4, which remains unchanged at a fall of 0.3 per cent compared to the previous three months.

The latest figures show that between October and December last year output of the production industries fell by 1.9 per cent, revised down from the previously estimated 1.8 per cent fall. Manufacturing output fell by 1.3 per cent, revised up from the previously estimated decrease of 1.5 per cent.

Service industries output over the quarter was left unchanged at a fall of 0.1 per cent, while construction industry output rose by 0.9 per cent, a significant revision up from the previously estimated 0.3 per cent increase.

The year on year growth figure has been pushed up by a revision to GDP in Q1 which lifted the contraction in growth slightly from 0.2 per cent to 0.1 per cent, and a later growth revision in Q3 from 0.9 per cent to 1 per cent.

The news follows Moody’s downgrade of the UK’s credit rating from AAA to Aa1 last week. The rating agency said it downgraded the UK based on “sluggish” economic growth, which Moody’s warned poses a threat to the Government’s fiscal consolidation efforts.

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  1. Wow 0.2%! Open the Champagne – oops! No the Brown Ale. On second thoughts how about a glass of water?

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