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Economic growth revised upwards to 0.4%
The UK economy came out of the recession at a faster pace than previously thought in the fourth quarter of last year, according to the Office for National Statistics (ONS).
Data from the ONS revealed that the economy grew by 0.4% in the last three months of 2009, above the original estimate of 0.3%. This was the first quarter of growth since the start of 2008.
The ONS said that the upward revision was due to higher output from services, construction and agriculture.
"These figures are stronger than earlier estimates and better than most analysts' expectations. It is important to stress that UK growth in the fourth quarter of 2009 was stronger than that of the Eurozone. Nevertheless, it is clear that the UK recovery is still frail, vulnerable, and businesses are facing serious pressures," said David Kern, chief economist of the British Chambers of Commerce.
Post Date: March 30th, 2010
Data from the ONS revealed that the economy grew by 0.4% in the last three months of 2009, above the original estimate of 0.3%. This was the first quarter of growth since the start of 2008.
The ONS said that the upward revision was due to higher output from services, construction and agriculture.
"These figures are stronger than earlier estimates and better than most analysts' expectations. It is important to stress that UK growth in the fourth quarter of 2009 was stronger than that of the Eurozone. Nevertheless, it is clear that the UK recovery is still frail, vulnerable, and businesses are facing serious pressures," said David Kern, chief economist of the British Chambers of Commerce.
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Post Date: March 30th, 2010
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