UK economy grew 0.1% 3M to Nov, says NIESR
Think tank says growth should pick up next year
By CFOWorld.co.uk staff | CFO UK | Published 16:13, 07 December 12
The UK economy grew a mere 0.1 percent in the three months to November, according to the National Institute of Economic and Social Research (NIESR).
The think tank said on Friday, that the latest figure matched the rate it noted over the three months to October. It comes on the back of exceptionally weak manufacturing data.
However, the NIESR said growth would pick up next year, but that the growth rate would not be near enough to bring down the country's unemployment rate (presently above 7.5 percent).
"Growth is forecast to return in 2013, but not at speeds that will begin to close the UK's negative output gap and bring down the rate of unemployment in that year," it said.
Earlier the ONS said manufacturing output fell 1.3 percent over October in month-over-month terms. The statistics body said a dip in food and drink output, specifically beer brewing, was behind the post-Olympics output decline.
The latest monthly figure from the ONS is the worst fall since June when extra public holidays for the Queen's Diamond Jubilee impacted production.
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