25
May
UK economic growth revised up to 0.3%
The UK economy grew slightly faster than initially estimated in
the first three months of the year, the Office for National
Statistics (ONS) has said.
The economy grew by a revised 0.3% between January and March, up
from the original estimate of 0.2%.
Output was boosted after a strong rebound in industrial
production and business services.
Year-on-year, output was down 0.2%, although this was also
revised up from the original estimate of a 0.3% fall.
Rebalancing
Although the quarterly figure has been revised up, it is still
lower than the 0.4% growth seen in the fourth quarter of 2009.
The revisions were in line with analysts' expectations following
the release of strong industrial output data for March.
Industrial output was revised up to 1.2% growth in the quarter,
from the previous estimate of 0.7% growth.
Manufacturing output was revised up to show a rise of 1.2% from
a rise of 0.7%.
However, household spending showed no growth in the quarter.
"The key underlying message here is that we are seemingly seeing
some rebalancing away from consumer spending towards industrial
production," said Adam Chester from Lloyds TSB Corporate
Markets.
"A welcome sign of rebalancing, but as yet it's early days. Of
course what this number doesn't take into account is the fallout
from the events we have seen in Europe over the last few
weeks."
source: www.bbc.co.uk/news Tuesday 25th May
2010