UK did not flat-line but grew 0.2pc last year, says ONS

News that the UK did manage to eke out a little growth will give George Osborne some respite in the build up to his Budget following last week’s decision by Moody’s credit rating agency to strip the country of its prized AAA status.

In its second estimate of GDP for the final three months of last year, the Office for National Statistics revealed that it had revised its growth calculations for earlier in 2012.

Although it left its estimate for the fourth quarter unchanged at -0.3pc, it said growth in the third quarter was 1pc rather than 0.9pc and that the economy shrank in the first quarter of 2012 not by 0.2pc but by just 0.1pc….


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