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Upwards revision for Q1 GDP stats
Accountancy News |
27/05/2010
The UK economy grew at a faster rate than previously thought during the first three months of 2010, the Office for National Statistics has revealed.
Latest figures show that the economy expanded by 0.3 per cent between January and March, up on the 0.2 per cent initially reported last month.
Greater than expected industrial production (up from 0.7 per cent to 1.2 per cent) during the early part of the year has accounted for the upwards revision.
However, gross domestic product (GDP) growth remains down on the 0.4 per cent recorded during the final quarter of 2009 as the economy pulled out of recession.
Commenting on the announcement, Lai Wah Co, head of economic analysis at the Confederation of British Industry, said signs of increased business investment were appearing.
She added: "Recent economic indicators overall point to somewhat faster UK gross domestic product growth in the second quarter.
"However, all eyes will be on the latter half of the year, when households and businesses will have a better idea about the government's plans for fiscal consolidation."
Posted by John Lynes
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