British economy grew in third quarter

Oct. 25, 2012 at 3:53 PM   |   0 comments

LONDON, Oct. 25 (UPI) -- Britain's Office of National Statistics said the country avoided a recession in the third quarter, if only just barely.

After a 0.5 percent April through June gross domestic product drop, the country's economy grew 1 percent July through September, the national data bureau said in an early estimate.

ONS said industrial production was estimated to have grown 1.1 percent in the quarter compared with the second quarter after falling 0.7 percent in the previous quarter-to-quarter report.

The construction sector contracted by 2.5 percent in the third quarter after shrinking 3 percent in the previous three months.

For the third quarter, output at service industries rose 1.3 percent after shrinking 0.1 percent in the previous quarter, ONS said.

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