Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and 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 Navigating geopolitical risk with ETFs

Navigating geopolitical risk with ETFs

ETFGI’s Deborah Fuhr on how investors can use exchange-traded funds to position their portfolio.

Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Your Business: Cover Star Club

Profile: Barclays' former advisory boss on his move into property

Profile: Barclays' former advisory boss on his move into property

On paper, Rick Denton might have been expected to finish his career in banking

Wealth Manager on Twitter