Economy sees 0.3 per cent growth

December 22nd, 2005

Government figures on UK economy growth in the third quarter of 2005 have revealed that a 0.3 per cent rise took place.

The Office of National Statistics (ONS) announced that the services sector showed upwards growth, while manufacturing also experienced a modest rise.

Household expenditure was also up slightly, rising by 0.5 per cent compared to 0.2 per cent in the second quarter of the year, suggesting an improvement in confidence levels amongst consumers over the general strength of the economy.

Exports fell by 0.4 per cent, despite a rise in exported goods units, while imports were bolstered by a 2.6 per cent increase in the total number of imported goods.

The figures come as the government faces continuing pressure over its handling of the economy however, with a report from the Centre of Economics and Business Research suggesting that Gordon Brown’s recent economic forecasts were off target by as much as £6 billion.

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