Improved economic condition of Britain after risk of recession
According to the figures of the official report, the condition of the economy Britain become brighter and better at a faster pace, in the months between July and September even than what was expected by the experts. This report also warned that this growth was based on a foundation that is not strong enough. The experts also said that the economy can get down to recession again as well due to this very reason that is weak foundation.
The GDP of the third quarter was revised freshly by the Office for National Statistics and it showed that the growth was up by 0.6 percent that was though would go up by 0.5 percent. In addition they also did a revision of their estimates of their second quarter, which showed the signs that the economy was at a halt between the months of April and July.
Despite of this good show of the economy the analytical experts are not very much impressed by the figures that have come out. All this did result did not change the view points that are in their minds. They fear that economy would get down into further into a deep slump that was a result of the euro zone crisis that had came into the economy. All this would be further very bad for the export market of Britain, which is the biggest of all. They hold a view that UK in the near future is going to experience a recession for a small duration. The coming year, 2012 is going to be a challenge for the economists.
A few days earlier, Chancellor George Osborne, made an announcement had additional measures regarding austerity had to be taken up after the Office for Budget Responsibility brought down their rates in the forecast of the growth in 2012. It was more than to half of what was 0.7 percent.
This increase in the Q3 revision was because of the reason that the various firms were building up their stocks instead of selling anything to the people either in their own home or even outside the boundaries.
The services and construction sector’s output was also revised high, but contrary to it the output of the industrial sector was cut down to almost half. Also in its addition the growth was also understood from the point of view growth in the record of trade deficit that was minus from GDP by 0.4 percent.
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