UK downgrades Q3 GDP growth to 0.9 percent
- Associated Press
- December 21, 2012 - 4:19 AM
LONDON - The growth in Britain's economy for the third quarter has been revised down from 1 percent to 0.9 percent, the U.K's official statisticians say.
The Office for National Statistics said Friday that the reduction in the rate of growth for the U.K.'s gross domestic product was caused by lower, revised estimates of output by the services industry and production industries including manufacturing. Construction activity was revised slightly higher.
Despite the revision, the third quarter was the U.K. economy's best performance since the second quarter of 2010, when GDP also rose 0.9 percent. Third-quarter growth also brought an end to a shallow nine-month recession, Britain's second downturn since the banking crisis in 2008.
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