British economic growth in third quarter revised down

21:48, December 22, 2010      

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Economic growth in Britain has been revised downward to 0.7 percent in the third quarter from the 0.8 percent previously published, the Office of National Statistics (ONS) reported Wednesday.

The UK gross domestic product (GDP) in the third quarter was 2.7 percent higher than in the same quarter of 2009.

The ONS report showed that Britain's output in the production industries was revised down to 0.5 percent in the latest quarter.

Within production, manufacturing output increased by 1.1 percent, but mining and quarrying output fell by 1.7 percent, and utilities output fell by 0.5 percent. UK Construction output was revised down to 3.9 percent from 4.0 percent published a month ago.

Output in the service industries was also revised down to 0.5 percent in the third quarter. Growth in business services and finance in the quarter was flat compared to a rise of 0.3 percent reported last month.

British household expenditure rose 0.3 percent, unrevised from the previous estimate, registering a 2.0 increase over the third quarter of 2009. Government final consumption expenditure fell by 0.4 percent although remained 1.3 percent higher than the third quarter of 2009.

The report also said the trade deficit in real terms in the third quarter remained unrevised at 9.7 billion pounds (about 15.2 billion U.S. dollars). Exports of goods and services rose 1.5 percent while imports rose 1.7 percent.

Source: Xinhua
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