Figures published by the Office for National Statistics showed that UK GDP increased by 0.9% in the three months to the end of September. The office’s preliminary figure, which was released last month, suggested 1% growth.
Manufacturing output rose by 0.7%, which is a downward revision from the previously estimated increase of 0.9%, while output from services was revised from 1.3% to 1.2%.
However, the decline in the construction industry was less than previously thought and was revised up from a 2.6% contraction to 2.5%.
Capital Economics chief UK economist Vicky Redwood said: “Perhaps the most notable revision to the breakdown is that real consumer spending is now estimated to have risen by 0.4% rather than 0.6%. So without the Olympics boost, spending may well have fallen [in the third quarter].”
Redwood added that the overall 0.9% rise still shows the UK economy benefited from relatively strong growth over the three-month period.
However, activity has been significantly weaker in the fourth quarter and the economist suggest the country could already be at the start of a ‘triple-dip’ recession.
Howard Archer, chief UK and European economist at IHS Global Insight, said: “The modest revisions to the GDP data do not fundamentally change the story of an economy that is likely to have been essentially flat overall in 2012.
“While it really makes little difference whether the economy grows marginally, is flat or contracts marginally [in the fourth quarter], it would be good for confidence if the economy could avoid a GDP decline and avert headlines of a ‘triple dip’.”
