UK GDP Growth Revised Down to 0.4%
The UK economy advanced 0.4 percent on quarter in the three months to September of 2015, lower than preliminary estimates of a 0.5 percent gain and slowing from a downwardly revised 0.5 percent expansion in the previous period. Gross capital formation and public spending grew less than anticipated while the drag from net external trade was smaller than expected, final figures showed.
Gross capital formation contributed the most to growth (0.8 percentage points) and went up 4.6 percent from the previous period although lower than an earlier estimate of a 7.2 percent gain. Business investment increased 2.2 percent, in line with earlier estimates.
Household consumption contributed more to the expansion than anticipated (0.6 percentage points compared to 0.5 percentage points), up 0.9 percent. Government spending added 0.1 percentage point to growth but grew much less than initially estimated (0.6 percent compared to 1.6 percent).
Net trade subtracted 1 percentage point to the expansion (-1.5 percentage points according to earlier figures): exports fell 0.3 percent (up 0.9 percent in the previous estimate) and imports grew much less (2.7 percent compared to 5.5 percent).
Figures for the June quarter were revised downwards to show the economy expanded 0.5 percent instead of 0.7 percent.
Year-on-year, the UK economy expanded 2.1 percent in the three months to September, lowert than an initial estimate of 2.3 percent and slowing from a downwardly revised 2.3 percent rise in the second quarter of the year.
12/23/2015 10:10:45 AM