UK GDP growth revised downwards

The British economy grew by 0.7% in Q3, lower than the previously estimated figure of 0.8%.

The Office for National Statistics has also lowered its figure for Q2 from 1.2% from 1.1%, attributing the revisions to weak growth in the construction, business services and manufacturing sectors. Revised GDP for Q3 is now 2.7% higher than the third quarter of 2009. Meanwhile, household expenditure rose 0.3%, unrevised from the previous estimate, meaning a 2% increase since the third quarter of 2009. The trade deficit also remained unrevised in real terms at £9.7bn in the last quarter, while exports of goods and services rose 1.5%, with imports rising 1.7%. On the news, the pou...