26/02/2010

UK Recovery 'Revised Upwards'

Britain is slighter further out of recession than previously thought.

The headline gross domestic product (GDP) growth rate for the last quarter of 2009 has been revised up to 0.3% from the preliminary estimate of 0.1% made last month.

A large part of this upward revision came from strong December data, which replaced the forecasts in the preliminary GDP estimates, the Office for National Statistics (ONS) said.

The Index of Services for December showed growth of 0.6%, compared with November, after negligible growth in October and November.

For the quarter, the growth in the service sector was revised up to 0.5% from 0.1%.

The upward revisions were widely spread across motor vehicle services, wholesaling, transport services and business services, such as computer, legal and accountancy services.

The upward revision was also driven by December figures for manufacturing and output of the utilities.

The Index of Production rose by 0.5% in December compared with November, after lower growth in October and November.

Manufacturing, over the quarter, was revised up to 0.8% from 0.4% because of stronger growth in refining of energy products, chemicals, metals, engineering including cars, other

transport equipment, aircraft, mechanical and electrical, textiles, other manufacturing and paper production and publishing, the ONS said.

(PR/BMcC)

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