Q3 GDP growth kept at 1 per cent

UK Britain Union Jack Bunting 480

The Office for National Statistics has maintained its estimate for third quarter GDP at 1 per cent.

The UK exited the double dip recession with GDP growth of 1 per cent during the third quarter compared with the second quarter.

The boost to UK GDP was thought to have derived from the London 2012 Olympics and Paralympics as ticket sales were factored in for the first time.

However, the output of production industries was revised downwards to 0.9 per cent, from 1.1 per cent in previous estimate. Manufacturing output rose by 0.9 per cent, revised downwards from the previously estimated increase of 1 per cent.

Construction industry output was also revised downwards from a 2.5 per cent contraction to a fall of 2.6 per cent duringthe third quarter.