ECONOMICS COMMENTARY
Dec 20, 2013
UK recovery stronger than previously thought
The UK economy has grown faster than previously thought over the past year. Updated data from the Office for National Statistics confirmed that the UK economy grew 0.8% in the third quarter compared with the second quarter, but prior data back to early 2012 were revised higher, meaning year-on-year growth was revised up from 1.5% to 1.9%. Compared to the pre-crisis peak, the economy is now thought to be 1.9% smaller rather than the prior estimate of 2.5%. The upward revisions were largely due to higher than previously estimated consumer spending.
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