Economic Growth Weaker Than Anticipated; Money STATISTICS

Western Mail (Cardiff, Wales), March 30, 2002 | Go to article overview
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Economic Growth Weaker Than Anticipated; Money STATISTICS


BRITAIN'S economy grew last year at a weaker rate than expected, official figures show.

The level of GDP for the whole of 2001 was 2.2pc, lower than the 2.4pc predicted a month ago by the Office for National Statistics (ONS).

Chancellor Gordon Brown had forecast GDP growth of 2.25pc for 2001 in his pre-budget statement.

The downward revision for 2001's GDP figure comes after the ONS scaled back its estimates of year-onyear growth for each of the four quarters of last year.

For the final three months, GDP growth was revised down to 1.6pc after being estimated at 1.7pc a month ago.

The ONS stuck to its original forecast that GDP growth was unchanged on a quarter on quarter basis.

That was the first time in 10 years that Britain's economy had failed to show any growth.

The latest revisions reflect a weaker than expected contribution from Britain's service sector.

Growth in the output of services was scaled back for both the third and fourth quarters.

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