UK economy growth revised upwards - Savings - News - Moneyfacts


UK economy growth revised upwards

UK economy growth revised upwards

Category: Savings

Updated: 26/02/2010
First Published: 26/02/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

Make your money grow by finding the best savings account

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.

Start saving for Christmas… 2017!

Christmas is just around the corner and our annual festive splurging is starting to step up, but are you prepared? It may be too late to start saving for this year’s festive spend, but it’s never too early to start for next year’s!