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UK economic growth revised yet again

Figures from the Office for National Statistics (ONS) show that the UK economy shrank by 0.2% in the third quarter of 2009, with many analysts having forecast zero growth or even positive growth in the UK economy. While the revised figure is better than the initial estimate of a 0.4% reduction and then a second estimate of a 0.3% reduction, there had been hopes that the rebound in the construction sector would take economic growth into positive territory.

While this is obviously a blow to some analysts forecasts, there is still a strong feeling within the UK economic sector that the economy will pull away from recession in the final quarter of 2009. We should see these figures in early 2010 and while the initial announcement will no doubt be revised at a later date, there is a groundswell of opinion that the economy has turned. This would be perfect time for the UK government as we approach the next general election although there are far more issues to consider than just the economy.

The UK has been one of the slowest economies in the developed world to pull out of recession and there are concerns that this lag in economic activity will impact upon business profitability in the short to medium term.

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