UK growth confirmed at 0.8% for Q3 2013

Tuesday 24 December 2013

City of London

UK growth has been confirmed as 0.8 per cent for the third quarter of 2013, unrevised from the previous estimate.

However, the Office for National Statistics has made an upwards revision to its year-on-year gross domestic product reading, from 1.5 per cent to 1.9 per cent.

Business investment was up by two per cent between Q2 and Q3 2013, better than previously estimated, the agency said.

David Kern, chief economist at the British Chambers of Commerce (BCC) said the figures confirmed that a broad-based recovery is underway.

"The upward revisions to earlier quarters support our view that the UK’s economic performance has been stronger than initially thought, and that we are closing the gap on our pre-recession level," he stated.

But Mr Kern commented that concerns still remain, so there can be no room for complacency.

"While it is good news that we are recovering, and that earlier quarters were better than previously thought, the large current account deficit highlights the importance of prioritising measures to boost exports," he stated.

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Posted by Sarah Parish