UK economy weakly recovers

The UK's economic recovery has been weaker than previously thought, according to revised official figures published here Tuesday, suggesting that growth this year could be lower than previously forecast.
The revised data from the Office for National Statistics (ONS) showed that while third quarter of this year growth was in line with earlier estimates at 0.7 percent, readings for the previous five periods have all been lowered.
Gross domestic product (GDP) since third quarter of last year was only 2.6 percent ahead of the same period last year, down from a previous estimate of 3 percent.
The ONS data showed GDP for the first quarter of this year revised down from 0.7 percent to 0.6 percent and for the second quarter from 0.9 percent to 0.8 percent.
Business investment, though ahead year-on-year, contracting by 1.4 percent over the quarter rather than 0.7 percent - its worst performance since the second quarter of 2009.
Meanwhile, Britain current account deficit has soared to 27 billion pounds equaling a record 6 percent of the country GDP.
The report said that these revisions mean the recovery is not as far advanced as previously thought, with the economy now 2.9% bigger than its pre-recession peak in 2008, rather than 3.4 percent.