LONDON (Reuters) - The Office for National Statistics released revised third-quarter GDP figures and November public sector finances data on Friday.
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KEY POINTS
- Biggest quarterly increase in GDP since Q3 2007
- Biggest quarterly increase in industrial output since Q2 2010
- Biggest quarterly increase in services output since Q3 2007
- Biggest quarterly increase in gross operating surplus of corporations since Q3 2010
- Highest household savings ratio since Q3 2009
- Highest level on record of public sector net debt excluding financial sector interventions as a share of GDP, at 68.5 percent
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ECONOMISTS' VIEWS
JAMES KNIGHTLEY, ING
"All in all, the UK appears to be ending 2012 not in particularly great shape and as such we suspect the Bank of England has more work to do with further policy stimulus likely in early 2013, especially if the worst fears over the U.S. fiscal cliff materialise."
ALAN CLARKE, SCOTIABANK
"I actually think the monthly services (figure) was the most important one. That makes it all the more likely that the UK did not slip into a triple dip recession at the end of the year.
"The chances are that we could grow by 0.3 percent, maybe even more, because we had stonkingly good construction data and some growth in services, although clearly that could change in November and December.
"Notwithstanding the drop in industrial production, I think we probably grew. So it has been a great end to the year."
ON PUBLIC SECTOR FINANCES:
"The public finances are going in the wrong direction. But we know that there is all sorts of jiggery pokery going on with the transfer of coupons by the ONS (Office for National Statistics), probably next month. So, it is very hard to read too much into that data."
(Reporting by London bureau)
Source: http://news.yahoo.com/instant-view-third-quarter-gdp-revised-down-public-094308432--business.html
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