UK Economy Growth Revised Upwards in 2012

The UK economy grew by more than previously thought in 2012, official figures have shown.

The Office for National Statistics (ONS) revised its growth estimate for the year up from no growth to 0.2%.

But the figure for the last three months of the year was left unchanged at a quarterly contraction of 0.3%.

Last week, credit rating agency Moody’s downgraded its rating of the UK economy over fears that growth would “remain sluggish over the next few years”.

The revisions earlier in the year came in the first quarter, which was lifted from a 0.2% contraction to a 0.1% contraction while growth in the third quarter was upgraded from 0.9% growth to 1.0%.

The third quarter was boosted by the Olympic Games, with all ticket sales being assumed to have taken place in that three-month period.

Growth in the fourth quarter of 2012 compared with the fourth quarter of 2011 was revised up from zero to 0.3%.

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.