21/12/12

  • Quarterly GDP growth in Q3 2012 revised down from 1.0% to 0.9%
  • Manufacturing growth revised down from 0.9% to 0.7%
  • Service sector growth revised down from 1.3% to 1.2% 

Commenting on the second revision of the GDP figures for Q3 2012, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said:  

“Whilst the third quarter estimate was revised down to 0.9%, estimates for earlier quarters were revised up and the net effect was that annual growth of GDP remains unchanged. This reinforces our assessment that the ONS’s original figures were somewhat erratic. Our QES survey has suggested that the economy was stronger than the ONS had reported in earlier quarters, whilst the rebound in the third quarter was less pronounced than they indicated. We would not be surprised to see further revisions along these lines next year.

“Some of the additional detail, revealed by the new estimates, are however positive. Business investment has shown good growth in the third quarter, and there has been a strong improvement in net trade with exports up 1.2%, and imports down 0.4%. This reverses some of the deterioration in net trade that we saw in the first half of the year.

“Notwithstanding these positive developments, it is clear that economic growth remains much too weak, and more effective measures are needed to enable businesses to drive recovery by strengthening the growth in exports and jobs.”

Ends

Notes to editors:

ONS GDP: http://www.ons.gov.uk/ons/rel/naa2/quarterly-national-accounts/q3-2012/stb-qnav2-q3-2012.html

The British Chambers of Commerce (BCC) sits at the heart of a powerful nationwide network of 51 Accredited Chambers of Commerce, serving over 104,000 businesses across the UK, which employ over five million people. For more information visit: www.britishchambers.org.uk

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