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Economic growth revised to 0.3%
The UK economy grew by 0.3% in the final quarter of last year, according to revised figures by the Office for National Statistics (ONS).
The ONS initially estimated last month that the economy grew by just 0.1% in the final three months of last year.
The upwards revision was due to stronger growth in services and production. Output in the service sector rose by 0.5% between October and December, up from a fall of 0.3% in the previous quarter and output from production industries rose by 0.4%.
The economy had previously contracted for six consecutive quarters - the longest period since quarterly figures were first recorded in 1955.
"The main aim must be to ensure that the recovery gradually gathers momentum. It is critical for both the government and the Monetary Policy Committee to pursue policies that make it possible for businesses to invest and export," said David Kern of the British Chambers of Commerce.
"Regulatory burdens must be removed wherever possible, and action taken to boost confidence. A double-dip recession must be avoided at all costs."
Post Date: February 26th, 2010
The ONS initially estimated last month that the economy grew by just 0.1% in the final three months of last year.
The upwards revision was due to stronger growth in services and production. Output in the service sector rose by 0.5% between October and December, up from a fall of 0.3% in the previous quarter and output from production industries rose by 0.4%.
The economy had previously contracted for six consecutive quarters - the longest period since quarterly figures were first recorded in 1955.
"The main aim must be to ensure that the recovery gradually gathers momentum. It is critical for both the government and the Monetary Policy Committee to pursue policies that make it possible for businesses to invest and export," said David Kern of the British Chambers of Commerce.
"Regulatory burdens must be removed wherever possible, and action taken to boost confidence. A double-dip recession must be avoided at all costs."
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Post Date: February 26th, 2010
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