UK growth revised down for two quarters of 2015

23 Dec 15

Economic growth in the UK has been revised down for both the second and third quarters of 2015, the Office for National Statistics has said.

Following additional information on output the ONS now estimates the economy grew by 0.5% in the three months between April and June, down from a previous estimate of 0.7%, and by 0.4% between July and September, down from 0.5%.

These revisions are the result of lower than expected output from the service sector, which makes up a majority of economic output, which grew by 0.1 percentage point less than originally thought in each quarter. Construction output was also lower in the three months to June by 1.1 percentage points, growing at only 0.3%, contributing to the steeper fall in that period.

Responding to the figures, a Treasury spokesman highlighted that the IMF had said the UK’s economic performance was strong, and had been the fastest growing economy in G7 last year.

“Today’s figures highlight that risks remain – that’s why we should continue working through our plan to build an economy that delivers security for working people.”

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