UK`s economic growth above expectations at 0.5%
Baku, November 2 (AZERTAC).The Government remains cautiously optimistic as figures show the UK economy grew by 0.5% in the three months to the end of September - slightly above expectations.
Chancellor George Osborne said: "The British economy has had a difficult journey from its debt-fuelled past. We have to take these figures one step at a time.
"We are determined to continue this journey so that we have the growth and jobs we need."
Growth in the Gross Domestic Product - the output of a nation`s economy - showed a slight improvement on the 0.1% increase in the previous three months, according to the Office for National Statistics (ONS).
Analysts had expected GDP to increase by 0.4% in the third quarter of the year (Q3).
It is a testament to the times we live in that a piece of apparent good news on the economy also confirms that this is the worst slump Britain has experienced in a century. But that is precisely what the Q3 GDP figures have done.
But the latest figures are still below the long-term average and economists warn it was made to look better by the low rate of growth in Q2.
Factors considered significant in the lacklustre second quarter included an unusually warm spring causing households to turn off their heating early, disruption to the supply chain following the Japanese tsunami and the extra bank holiday for the royal wedding.
The economy has been flatlining over the past year with consumer spending falling as wages fail to keep pace with inflation.
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