By Richard Johnstone | 27 February 2013
The UK economy grew more in 2012 than initially forecast, the Office for National Statistics revealed today after revising its estimates for two of the four quarters in the year.
Today’s alterations mean the UK grew by 0.2% in the year, up from the previous estimate of no growth. It is now thought the economy shrank by only 0.1% in the first quarter, compared with the 0.2% estimated, while growth in the third quarter was 1%, up from 0.9% estimated previously.
Figures for the second and fourth quarters were unchanged, with 0.4% and 0.3% contractions respectively.
Today’s revised figures also provide more detail on the state of the economy in the fourth quarter.
Output from production industries fell by 1.9%, revised down from the previously estimated 1.8% fall. However, manufacturing output fell less than previously thought, at 1.3% rather than 1.5%.
The service sector contracted by 0.1%, compared with 0% predicted. Output from the construction industry rose by 0.9%, up from the previously estimated 0.3% increase.
