• Quarterly GDP growth in Q3 2011 revised up from 0.5% to 0.6%; year on year growth unchanged at 0.5%

Commenting on the revised GDP figures for the third quarter of 2011, David Kern, Chief Economist of the British Chambers of Commerce (BCC), said:

“The headline GDP figure came as a pleasant surprise, with the quarterly growth in Q3 revised up from 0.5% to 0.6%. But the year on year growth is still very weak at 0.5%, and highlights the difficult challenges facing the economy. The service sector was the main driver in Q3 with growth revised up from 0.6% to 0.7%. Manufacturing growth was minimal and revised down, and exports are still showing negative growth on the quarter. It is especially disappointing that the current account deficit in the third quarter rose to its highest level on record. Full story