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26th of August 2011
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NIESR: UK economy recovered in January

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by Kay Mitchell

Influential think tank, the National Institute of Economic and Social Research (NIESR), has today suggested the UK economy recovered in January after adverse weather conditions led to a shock contraction in the final quarter of last year.

Last month, the Office for National Statistics (ONS) revealed the UK economy contracted by 0.5% in the October to December period.

The figures shocked economists who had expected growth of 0.5% following growth of 0.7% in the third quarter and 1.1% in the April to June period.

However, the figures were attributed to the severe wintry weather in December - which was the coldest in over a century.

However, according to the NIESR, the economy expanded by 0.6% in January on a month basis.

The Institute claims that its quarterly growth estimates are generally within 0.2% points of the initial estimate from the ONS.

The NIESR’s growth estimate comes shortly after it called on the Government to rethink its tough austerity programme.

Other business groups have also suggested easing the pace of the spending cuts – in light of the slowdown in economic growth.

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News posted: February 10, 2011

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