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UK GDP growth revised up to 0.3%

The UK’s Gross Domestic Product grew by 0.3% between January and March, revising up the original estimate of 0.2%.

The Office for National Statistics reports that GDP is 0.2% lower than Q1 of 2009.

Output of the production industries rose by 1.2% compared with a rise of 0.4% in the previous quarter, with manufacturing output growing by 1.2%compared with growth of 0.8% in the previous quarter.

Construction output fell by 0.5% over the quarter.

Household expenditure remained unchanged and is now 0.5% lower than the first quarter of 2009.

Government final consumption expenditure rose by 0.5% and is now 3.1% higher than the first quarter of 2009.

Gross fixed capital formation rose by 1.5% and is now 5.7% lower than the first quarter of 2009.

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