UK economy growth revised upwards

Category: Savings
Date: 2/26/2010

The UK economy grew faster in the last three months of 2009 than was originally estimated, figures show.

It had been thought that minimal growth of 0.1 per cent had been achieved, but the second revision of economic data has delivered a 0.3 per cent rise.

The increase has been put down to stronger than expected performance in services and production.

Before the growth in the fourth quarter of 2009, the UK had suffered its deepest recession since figures were recorded in 1955, with six consecutive quarters of contraction.

The Government has been heavily criticised for the sluggish exit from recession. Other major economies, such as Germany, Japan and USA all recorded growth before the UK.

The Office for National Statistics said the latest revision is based on 77 per cent of all data from the fourth quarter, compared with the 40 per cent that was used to derive the original 0.1 per cent estimate.

A full quarterly estimate will be published on 30 March.

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