UK final Q3 GDP revised down to 0.7%

JAKARTA: United Kingdoms final gross domestic product (GDP) in the third quarter of 2010 was revised down to 0.7% from 0.8% last quarter.Meanwhile, GDP in the third quarter of 2010 was 2.7% higher than that of third quarter in 2009, citing the press
News Editor | 22 Desember 2010 10:42 WIB

JAKARTA: United Kingdoms final gross domestic product (GDP) in the third quarter of 2010 was revised down to 0.7% from 0.8% last quarter.Meanwhile, GDP in the third quarter of 2010 was 2.7% higher than that of third quarter in 2009, citing the press release published today in Office for National Statistics. The figure was lower than the survey's which showed 2.80%.Output of the production industries slipped 0.5% in the latest quarter. Within production, manufacturing output increased by 1.1%, but mining and quarrying output fell by 1.7%, and utilities output fell by 0.5%.Furthermore, construction output was also revised down to 3.9% from4.0% in second quarter of 2010.Output in the service industries dropped to 0.5% in this quarter. Meanwhile, in business services and finance growth was flat compared to a rise of 0.3% reported last month. An upward revision in transport, storage and communication to 2.0% partially offset the fall.As published in the report, household expenditure rose 0.3%, unrevised from the previous estimate, and is now 2.0% higher than the third quarter of 2009.Government final consumption expenditure recorded a decline by 0.4% although remains 1.3% higher than the third quarter of 2009.Gross fixed capital formation rose 3.4% and is now 6.1% higher than the third quarter of 2009. Inventories also rose by 0.3 billion poundsterling on this quarter.In the third quarter of 2010 the trade deficit in real terms remained unrevised at 9.7 billion poundsterling. Exports of goods and services rose 1.5% whilst imports rose 1.7%.The GDP implied deflator rose by 2.4% compared with the third quarter of 2009, down from 3.0% published last month.Compensation of employees at current prices also slightly rose by 0.4 per cent in the latest quarter and is 3.3% higher than the third quarter of 2009.The statistics bureau also recorded an increase on total gross operating surplus by 7.4% which is 2.1% higher than the same period last year.The GPB/USD was traded at its quarterly low 1.5430, PT Askap Futures noted. (T03/NOM)

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