UK GDP revised downwards as US growth hits decade high

The ONS confirmed today that Q3 growth matched the estimate announced at the end of November. This marks the seventh consecutive quarter-on-quarter increase in GDP, although the figure falls slightly short of the 0.8% achieved in Q2. However, the year-on-year growth rate for the 12 months to 30 September has been revised down from 3.0% to 2.6%, with annualised figures for the previous four quarters also revised down. Chancellor George Osborne announced estimated GDP growth of 3% for 2014 in his Autumn Statement earlier this month. By contrast, US data released later in the da...