UK Q1 economic growth figures revised upwards


The Office for National Statistics (ONS) has today revealed the UK economy grew by 0.3% in the January to March period – slightly higher than the 0.2% previously estimated.

However, the 0.2% was the first estimate, which was based on just 40% of the full set of data.

Analysts had expected GDP to be revised upwards since industrial production surged at its fastest pace in almost two years in March, therefore, suggesting that GDP would increase slightly.

There will be a third and final estimate next month.

Meanwhile, the annual fall now stands at 0.2% - again an upwardly revised figure and the smallest decline since the third quarter of 2008.

The UK emerged from recession in the fourth quarter of last year after experiencing its worst recession since records began in 1955.

An upward revision to economic growth would provide a boost to the new coalition Government, which yesterday outlined plans to shave £6.2 billion off public spending this financial year.

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