Contrary to previous reports, the UK economy showed growth last year.The Office for National Statistics released a revision of its growth estimate for 2012, showing that the UK economy had grown by 0.2 per cent.However, it still maintained its estimate that the UK economy had shrunk in the final quarter of 2012 by 0.3 per cent.For the third quarter, growth was revised up to 1 per cent from 0.9 per cent. The estimated contraction in the first quarter of 0.2 per cent was changed to 0.1 per cent.This news comes following the downgrade of the UK’s AAA credit rating to AA1 by major credit agency Moody’s, stating that the sluggish growth of the country’s economy was one of the reasons for this.Part of the reason for the revision of UK economic growth estimates were due to the fact that oil and gas output was distorting the figures and had to be taken out.Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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