UK economic growth figures revised upwards

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The Office for National Statistics (ONS) has today revealed that the UK economy contracted by 0.3% in the July to September period - rather than the 0.4% previously estimated.

However, today’s figures still mean it is the first time the UK has endured six consecutive quarters without growth - the first time since the ONS began gathering the data in 1955.

However, the figures were in line with expectations and will fuel hope that the economy will see positive growth in the fourth quarter and finally emerge from its worst recession in 50 years.

Meanwhile, on an annual basis, GDP was down 5.1% against a previous reading of down 5.2%.

The UK has been lagging behind other economies and is now the last major economy that is still in recession.

Following today’s revised figures, sterling fell against the euro to €1.087 from €1.111, and from $1.6693 to $1.6323 against the US dollar.

In related news, the Commerce Department yesterday revealed that the US economy grew at a far slower rate in the third quarter than previous estimates showed.

According to official figures, the US economy grew by 2.8% between the July and September period, rather than the 3.5% previously reported.

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