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UK economic growth revised down

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UK economic growth revised down

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The UK economy has grown more slowly in the past year than was previously thought according to official figures.

Gross domestic product in the third quarter of this year was 2.6 percent higher than in the same period last year and down from an earlier estimate of 3 percent. The data from the Office for National Statistics means the UK’s GDP grew by 0.7 percent in the third quarter.

The downward revision in the annual GDP growth rate was due to lower government and business investment than first thought and higher imports.

Analysts say the revision in annual growth is proof the pace of recovery in the UK economy is slowing.