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| Version 0 | Version 1 |
|---|---|
| UK economic growth revised higher | UK economic growth revised higher |
| (20 minutes later) | |
| The UK economy grew by 0.3% in the final three months of last year, faster than previously estimated. | The UK economy grew by 0.3% in the final three months of last year, faster than previously estimated. |
| The revision was due to stronger growth in services and production. | The revision was due to stronger growth in services and production. |
| The initial estimate released last month said the UK economy had grown by 0.1% in the last quarter of 2009, meaning it had emerged from recession. | The initial estimate released last month said the UK economy had grown by 0.1% in the last quarter of 2009, meaning it had emerged from recession. |
| The economy had previously contracted for six consecutive quarters - the longest period since quarterly figures were first recorded in 1955. | The economy had previously contracted for six consecutive quarters - the longest period since quarterly figures were first recorded in 1955. |
| 'Weak January' | |
| Output in the service sector rose by 0.5% between October and December, up from a fall of 0.3% in the previous quarter, the Office for National Statistics said. | |
| Output from production industries rose by 0.4%, compared with a 1% fall between July and September. | |
| There is still a distinct possibility that we could dip back into the red in the first three months [of 2010] Adam Chester, Lloyds TSB Corporate Markets | |
| Household expenditure was up by 0.4%. | |
| The better-than-expected revision confirms the UK's economic recovery. But analysts said there was still a chance that the economy could contract again in the current quarter. | |
| "I don't think we are out of the woods," said Adam Chester at Lloyds TSB Corporate Markets. | |
| "The first quarter [of 2010] is now going to be the focus and given the weak January we have had and the bad weather, there is still a distinct possibility that we could dip back into the red in the first three months." | |
| There are concerns that the rise in VAT, which returned to 17.5% in January, and the decision earlier this month by the Bank of England to stop pumping money into the economy, could act as a drag on growth. | |
| Increased borrowing | |
| The UK had been the last major economy to start growing again. | The UK had been the last major economy to start growing again. |
| Europe's two biggest economies - Germany and France - came out of recession last summer, and Japan and the US also emerged from recession last year. | Europe's two biggest economies - Germany and France - came out of recession last summer, and Japan and the US also emerged from recession last year. |
| The UK recession began in the April-to-June quarter of 2008, and was the longest UK downturn on record. | The UK recession began in the April-to-June quarter of 2008, and was the longest UK downturn on record. |
| During 18 months of recession, public borrowing increased to an estimated £178bn, while output slumped by 6%. | During 18 months of recession, public borrowing increased to an estimated £178bn, while output slumped by 6%. |