Exit from recession 'stronger than first thought'
By myfinances.co.uk staff
Britain's exit from recession during the last three months of 2009 was stronger than first thought, according to the Office for National Statistics (ONS).
According to revised data from the agency, gross domestic product (GDP) grew by 0.3 per cent between October and December, up from an initial estimate of 0.1 per cent.
The ONS said the rise had been driven by stronger performance in both the service and production sectors of the economy.
GDP growth for manufacturing was revised up from 0.4 per cent to 0.8 per cent, while the expansion in output for services was adjusted from 0.1 per cent to 0.5 per cent.
The ONS said its latest figures are based on 77% of relevant data, whereas its preliminary estimate of GDP used only 41%. It will publish its final figure for the fourth quarter on March 30th.
Despite the improvement in the statistics, the latest Asda Income Tracker indicates that family finances are struggling to recover from the downturn.
The company said the average UK household had a discretionary income of £164 a week in January, up 0.1 per cent on a year earlier.
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