UK Economy
UK economy is growing faster than previously estimated
By Finfacts Team
Dec 20, 2013 - 11:23 AM

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The UK economy is growing faster than previously estimated, according to the latest official figures. The Office for National Statistics (ONS) said today that gross domestic product was up 0.8% in the July-to-September period compared with the previous quarter, confirming its previous estimate.However, it revised its growth figures for earlier quarters.

Estimated annual growth rate grew by 1.9% compared with a previous estimate of 1.5%.

The ONS said later data for expenditure, in particular household final consumption expenditure, has led to upward revisions for GDP since Q1 2012. As a result, between 2011 and 2012, GDP in volume terms rose by 0.3%, an upwards revision of 0.2 percentage points from the previously published 0.1% increase.

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