British economy grew by surprise 0.6% in third quarter

2011-12-22 13:41

The British economy grew by a better-than-forecast 0.6% in the third quarter of this year after stagnating in the three months to the end of June.

The office for national statistics said it had revised up third-quarter gross domestic product (GDP) estimates for the European Union’s second biggest economy from a previously estimated 0.5%.

This followed a better-than-expected performance by Britain’s agriculture, construction and services sectors.

Analysts had expected the figure would come in unchanged.

However, in releasing its final estimate, the statistics office also revised down the second-quarter – from a previously estimated 0.1-per-cent expansion rate to zero.

“GDP growth in recent quarters continues to point towards a rather fragile economic picture” for the nation, the statistics said.

The British economy is expected to grow by just 0.7% in the coming year, with the government’s tough austerity drive also undercutting economic growth.

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