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ONS confirms 1% growth for third quarter of 2012
by Jun Merrett on Nov 27, 2012 at 10:41
The UK economy grew by 1% in the third quarter of 2012, the Office for National Statistics has confirmed.
Last month the ONS first estimated that the UK had crawled out of its nine month recession after a 1% increase in GDP.
The figure was helped by strong consumer spending which grew by 0.6%. The services sector grew by 1.3% which was unchanged from the ONS' previous estimate. However growth in industrial production was revised down to 0.9% from 1.1%.
In its first estimate, the ONS said output of the production industries was estimated to have increased by 1.1% from the second to third quarter following a decrease of 0.7% between the first and second.GDP in volume terms was estimated last month to have been flat in the third quarter of 2012, when compared with the third quarter of 2011.
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