UK Q4 economic growth figures revised upwards

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The Office for National Statistics (ONS) has today revealed that the UK economy grew by 0.3% in the October to December period - slightly higher than the 0.1% estimated last month.

The figures will come as a relief to many who had feared the worst with growth being revised downwards.

However, the revised figures still leave an annual fall of 3.3% - a slightly larger fall than earlier estimated as a result of downward revisions to previous data.

Yesterday, the ONS reported a sharp fall in business investment, which raised concerns over the second estimate of fourth quarter GDP figures.

However, while the figures mean the UK has officially exited recession, a sluggish recovery is still expected in 2010.

Today’s revision from the ONS is the second of three estimates of GDP for the fourth quarter. The third and final estimate will be published next month.

In related news today, the Nationwide Building Society has revealed a 1% fall in house prices for the month of February compared with January.

It was the first time in 10 months that house prices have fallen as the wintry weather deterred house hunters, according to the Nationwide.

The figures surprised analysts who had forecast a gain of 0.4% for February but it is too soon to say whether this is a temporary setback or the start of a double dip in house prices.

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