Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

ONS confirms 1% growth for third quarter...but OECD forecast is cut

ONS confirms 1% growth for third quarter...but OECD forecast is cut

The UK economy grew by 1% in the third quarter of 2012, the Office for National Statistics confirmed, just as the OECD cut its predictions for developed economies.

Last month the ONS first estimated 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.

However the ONS announcement was undermined by growth forecasts from the OECD, which it lowered for advanced economies.

The OECD said there continued to be a risk of a serious global recession, outlining a growth forecast of 1.4% in a clutch of 34 developed economies in 2013.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter