Thursday 10 October 2013

Britain's economy grew 0.8 pct in third quarter

 Britain's economy grew by 0.8 percent the third quarter, helped by a rise in industrial output, the National Institute of Economic and Social Research said on Wednesday.
That is slower than growth of 0.9 percent in the three months ending August as estimated by the leading macro-economic think-tank, but faster than an official expansion of 0.7 percent in the second quarter.

The institute reckons that Britain's gross domestic product remains 2.5 percent below its pre-recession peak.
"We do not expect output to pass its peak in early 2008 until 2015," it said.
Official data showed earlier on Wednesday that British industrial output unexpectedly fell by 1.1 percent on the month in August, the biggest drop since September 2012.
Despite this, NIESR estimated that industrial production provided a positive contribution to GDP growth in the third quarter.
Source: Reuters

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