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ONS makes upward revision to Q4 growth report
General News |
01/03/2010
The Office for National Statistics has made an upwards revision to its gross domestic product reading for the final quarter of 2009.
According to the final, confirmed report, the UK economy expanded by 0.3 per cent between October and December 2009.
This compares favourably to the 0.1 per cent expansion initially reported in January, and shows that the UK's emergence from recession was more comfortable than initially thought.
Prior to the fourth quarter of 2009, the economy had contracted for six consecutive quarters ? the longest recession since records began in 1955.
Chancellor Alistair Darling told BBC News: "These figures are welcome but there's a lot of uncertainty we have to negotiate over the coming months.
"We are coming through recession. We are moving forward to recovery. But it is absolutely essential for us to retain support for the economy."
Overall, the UK economy shrank by 3.3 per cent last year, and 6.2 per cent over the entire recession.
Posted by John Lynes
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