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0.9pc growth in Q3 for UK economy

According to officials, the UK economy saw a 0.9% growth in the third quarter of this year. This figure fell just short of the 1% that had been previously estimated.

The Office for National Statistics (ONS) stated that although July-September presented a period of strong growth, output into the economy remains 3% lower than where it stood before the recession.

Output from the services and manufacturing industries was disappointing. The UK service sector, accounting for most of gross domestic product (GDP), grew by only 0.1% in October, a volatile start to quarter four. On the contrary, output from the construction industry presented a decline that was marginally less than previously expected.

Figures showed that in November, £17.5bn was borrowed by the government, an increase of £1.2bn when compared to the same time a year ago. The total sum stands at £92.7 billion, £8.3 billion more than the previous financial year.

Household spending, that was adjusted according to inflation, increased by 0.4% in quarter three but this now appears to be a temporary boost caused by the recent Olympic Games in London.

On a more positive note, figures also identified that business investment has seen a 3.8% growth from quarter two - quarter three, taking the investment sum to £31.5 billion.

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