Surprise boost to UK economy in 2012

The UK economy did grow in 2012, official figures have shown. The Office for National Statistics (ONS) revised its estimate for the year up from no growth to 0.2% growth.

However, the economy did shrink by 0.3% in the fourth quarter of 2012, unrevised from the preliminary estimate, according to the ONS’ second estimate.

The economic story for the final quarter is unchanged from the previous estimate, with the decline mainly reflecting three factors: maintenance at the UK’s largest North Sea oilfield, a “fall-back” effect from the Olympic and Paralympic Games and underlying weak domestic demand.

www.ons.gov.uk/ons/dcp171778_296602.pdf